Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Hold” by Analysts

Wolfspeed, Inc. (NYSE:WOLF) has been given a consensus rating of “Hold” by the sixteen analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $14.86.

WOLF has been the topic of a number of research reports. Canaccord Genuity Group dropped their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Bank of America lowered their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its stake in Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of Wolfspeed by 315.2% in the third quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock valued at $368,000 after purchasing an additional 28,772 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after purchasing an additional 766,971 shares in the last quarter. Intech Investment Management LLC grew its position in shares of Wolfspeed by 13.8% in the third quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock valued at $540,000 after purchasing an additional 6,757 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares in the last quarter.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $6.30 on Friday. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed has a 52 week low of $4.66 and a 52 week high of $30.86. The firm’s 50 day moving average is $5.88 and its two-hundred day moving average is $8.23. The firm has a market capitalization of $803.95 million, a P/E ratio of -0.82 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Research analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

Wolfspeed Company Profile

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.