Wolfspeed (NYSE:WOLF) Downgraded to “Hold” at TD Cowen

TD Cowen downgraded shares of Wolfspeed (NYSE:WOLF) from a buy rating to a hold rating in a research note released on Thursday morning, MarketBeat reports. TD Cowen currently has $25.00 price objective on the stock, down from their previous price objective of $40.00.

WOLF has been the topic of a number of other research reports. Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a report on Thursday, February 1st. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Roth Mkm reiterated a buy rating and set a $50.00 price objective on shares of Wolfspeed in a research report on Tuesday, April 30th. Wells Fargo & Company restated an equal weight rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Finally, Mizuho began coverage on Wolfspeed in a report on Friday, April 5th. They set a neutral rating and a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $37.27.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $25.33 on Thursday. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.58. The firm has a market capitalization of $3.19 billion, a PE ratio of -3.92 and a beta of 1.64. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42. The business’s fifty day moving average price is $26.61 and its two-hundred day moving average price is $32.01.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock valued at $549,502,000 after buying an additional 157,668 shares in the last quarter. Norges Bank purchased a new stake in shares of Wolfspeed during the fourth quarter valued at $308,701,000. Artisan Partners Limited Partnership boosted its position in shares of Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares during the period. Primecap Management Co. CA raised its holdings in Wolfspeed by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after buying an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. lifted its stake in Wolfspeed by 438.9% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares in the last quarter.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.