Wolfspeed, Inc. (NYSE:WOLF) Receives Consensus Recommendation of “Hold” from Analysts

Wolfspeed, Inc. (NYSE:WOLF) has been assigned a consensus rating of “Hold” from the fourteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $36.36.

Several brokerages have weighed in on WOLF. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and reduced their target price for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. Canaccord Genuity Group reduced their target price on Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Finally, Citigroup reduced their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd.

Wolfspeed Stock Performance

NYSE:WOLF opened at $23.76 on Friday. The business has a 50 day moving average of $25.90 and a 200 day moving average of $30.32. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -3.68 and a beta of 1.60. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The company had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. On average, sell-side analysts predict that Wolfspeed will post -3.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average cost of $27.05 per share, with a total value of $50,475.30. Following the transaction, the director now directly owns 13,297 shares in the company, valued at $359,683.85. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. TFO Wealth Partners LLC increased its position in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the last quarter. Independence Bank of Kentucky lifted its stake in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed during the 4th quarter worth $48,000. Fifth Third Bancorp lifted its stake in shares of Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Wolfspeed during the 4th quarter worth $56,000.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.