Wolfspeed, Inc. (NYSE:WOLF) Given Consensus Rating of “Hold” by Brokerages

Wolfspeed, Inc. (NYSE:WOLF) has been given a consensus recommendation of “Hold” by the five ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $25.00.

WOLF has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday. TD Cowen reissued a “hold” rating and set a $25.00 target price on shares of Wolfspeed in a research report on Thursday, August 20th. Susquehanna lowered their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of WOLF. Renesas Electronics America Inc. purchased a new position in Wolfspeed during the 2nd quarter worth $813,126,949. Shah Capital Management lifted its position in shares of Wolfspeed by 1,419.5% during the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after purchasing an additional 475,454 shares in the last quarter. Panview Capital Ltd purchased a new position in Wolfspeed during the second quarter worth about $6,952,000. Readystate Asset Management LP purchased a new position in Wolfspeed during the second quarter worth about $6,841,000. Finally, SG Americas Securities LLC bought a new stake in Wolfspeed in the 1st quarter worth about $6,671,000.

Wolfspeed Stock Up 7.9%

Shares of NYSE WOLF opened at $25.61 on Monday. The firm has a market cap of $1.36 billion and a PE ratio of -1.63. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82. The company’s fifty day simple moving average is $27.54 and its 200 day simple moving average is $33.87.

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

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.