Wolfspeed (NYSE:WOLF) Rating Lowered to Strong Sell at Wall Street Zen

Wolfspeed (NYSE:WOLF) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday.

Several other analysts have also commented on the stock. Susquehanna lowered their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Down 0.6%

Wolfspeed stock opened at $23.48 on Friday. The firm has a market capitalization of $1.22 billion and a PE ratio of -2.22. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $80.82. The firm’s 50-day simple moving average is $43.62 and its 200 day simple moving average is $31.71.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. The business’s revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.72) earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in Wolfspeed in the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed during the second quarter worth about $34,000. Summit Securities Group LLC grew its holdings in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares in the last quarter. Marex Group plc acquired a new position in shares of Wolfspeed in the second quarter valued at approximately $44,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Wolfspeed in the second quarter valued at approximately $47,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.