Wolfspeed (NYSE:WOLF) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Wolfspeed (NYSE:WOLF) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other research firms have also recently commented on WOLF. Weiss Ratings raised shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Susquehanna decreased their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Finally, TD Cowen restated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $25.00.

Wolfspeed Stock Performance

WOLF opened at $27.70 on Friday. The firm has a market cap of $1.47 billion and a P/E ratio of -1.76. The firm has a 50-day moving average of $27.42 and a 200 day moving average of $34.00. Wolfspeed has a fifty-two week low of $8.05 and a fifty-two week high of $80.82.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, topping the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s revenue was down 24.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.77) EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WOLF. WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed during the second quarter worth $299,000. Engineers Gate Manager LP bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $347,000. Arizona State Retirement System bought a new stake in shares of Wolfspeed during the 2nd quarter valued at $360,000. Readystate Asset Management LP purchased a new stake in Wolfspeed during the 2nd quarter worth about $6,841,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in Wolfspeed during the 2nd quarter worth about $229,000.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.