Wolfspeed (NYSE:WOLF) Stock Rating Upgraded by Zacks Research

Wolfspeed (NYSE:WOLF) was upgraded by analysts at Zacks Research to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on WOLF. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up previously from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Susquehanna lowered their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $12.75.

Wolfspeed Trading Up 5.7%

WOLF opened at $16.70 on Monday. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60. The business’s 50-day moving average price is $18.58 and its 200-day moving average price is $15.18. The company has a market cap of $432.41 million and a P/E ratio of -26.03.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The company had revenue of $168.50 million during the quarter, compared to analyst estimates of $170.00 million. Wolfspeed’s revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.95) EPS. Equities research analysts forecast that Wolfspeed will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 645.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 435,917 shares of the company’s stock worth $7,589,000 after buying an additional 377,431 shares in the last quarter. Geode Capital Management LLC purchased a new position in shares of Wolfspeed during the 4th quarter worth approximately $1,956,000. Prescott Group Capital Management L.L.C. bought a new position in shares of Wolfspeed in the 4th quarter worth approximately $6,416,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Wolfspeed by 745,575.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 89,481 shares of the company’s stock valued at $1,558,000 after purchasing an additional 89,469 shares during the period. Finally, UBS Group AG lifted its stake in shares of Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares during the period.

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.