Wolfspeed (NYSE:WOLF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Wolfspeed (NYSE:WOLF) from a strong sell rating to a sell rating in a report published on Saturday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Down 2.0%

Shares of NYSE WOLF opened at $29.29 on Friday. The firm has a market capitalization of $1.52 billion and a PE ratio of -2.77. The business has a 50-day moving average price of $50.50 and a two-hundred day moving average price of $31.32. Wolfspeed has a one year low of $8.05 and a one year high of $80.82.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the previous year, the firm posted ($0.72) earnings per share. The business’s revenue for the quarter was down 19.0% on a year-over-year basis.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Renesas Electronics America Inc. acquired a new position in Wolfspeed in the 4th quarter valued at approximately $293,400,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares during the period. UBS Group AG raised its stake in shares of Wolfspeed by 3,413.9% in the fourth 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 in the last quarter. Finally, Calamos Advisors LLC bought a new position in Wolfspeed in the fourth quarter worth $12,451,000.

Wolfspeed Company Profile

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.