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

by · The Cerbat Gem

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

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Susquehanna reduced their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $25.00.

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Wolfspeed Trading Up 2.5%

NYSE:WOLF opened at $24.22 on Friday. The firm has a fifty day simple moving average of $42.71 and a two-hundred day simple moving average of $31.74. The stock has a market capitalization of $1.26 billion and a price-to-earnings ratio of -2.29. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Atlas Brown Inc. raised its position in Wolfspeed by 29.2% during the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock valued at $1,558,000 after purchasing an additional 7,300 shares in the last quarter. Next Level Private LLC bought a new stake in Wolfspeed in the second quarter valued at approximately $434,000. FNY Investment Advisers LLC bought a new stake in Wolfspeed during the 2nd quarter valued at $204,000. Royal Bank of Canada bought a new position in shares of Wolfspeed during the first quarter valued at about $89,000. Finally, Lazard Asset Management LLC bought a new position in Wolfspeed during the 1st quarter valued at approximately $1,796,000.

Wolfspeed Company Profile

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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.

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