Wolfspeed (NYSE:WOLF) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded Wolfspeed from “sell” to “strong sell,” adding to concerns about the semiconductor company’s outlook.
• Despite the downgrade, the broader analyst consensus remains “Hold,” with a consensus price target of $25.00; ratings include one Buy, three Holds and one Sell.
• Wolfspeed reported a quarterly loss of $2.26 per share, slightly better than estimates, while revenue of $149.6 million fell 24.1% year over year.

Wolfspeed (NYSE:WOLF - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts have also recently issued reports on WOLF. Susquehanna cut their price target 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. TD Cowen reiterated a "hold" rating and issued a $25.00 price target on shares of Wolfspeed in a research note on Thursday, August 20th. Finally, Weiss Ratings upgraded Wolfspeed from a "sell (d-)" rating to a "sell (d)" rating in a research note on Monday, August 24th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $25.00.

Wolfspeed Price Performance

Wolfspeed stock opened at $25.61 on Friday. The stock has a market capitalization of $1.36 billion and a P/E ratio of -1.63. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82. The firm's 50-day moving average is $27.54 and its two-hundred day moving average is $33.87.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, topping 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. The business's revenue for the quarter was down 24.1% on a year-over-year basis. During the same period last year, the company posted ($0.77) EPS.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently modified their holdings of the company. Renesas Electronics America Inc. purchased a new position in Wolfspeed during the 2nd quarter worth approximately $813,126,949. First Trust Advisors LP grew its holdings in shares of Wolfspeed by 60.6% during the first quarter. First Trust Advisors LP now owns 98,874 shares of the company's stock valued at $1,614,000 after buying an additional 37,313 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Wolfspeed during the first quarter valued at $1,796,000. Panview Capital Ltd purchased a new stake in Wolfspeed in the 2nd quarter worth about $6,952,000. Finally, Ratan Capital Management LP purchased a new position in Wolfspeed during the 2nd quarter valued at about $2,467,000.

Wolfspeed Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.