Wolfspeed, Inc. (NYSE:WOLF) Given Average Rating of "Hold" by Brokerages

Key Points

• Wolfspeed has a consensus “Hold” rating from five brokerages: one sell, three hold, and one buy. The average 12-month price target is $25.00.
• Shares opened at $25.77, well below the 52-week high of $80.82, while the stock’s 50-day and 200-day moving averages stood at $28.80 and $33.82, respectively.
• Wolfspeed reported a quarterly loss of $2.26 per share, better than the expected $2.45 loss, but revenue of $149.6 million declined 24.1% year over year and was slightly below estimates.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) has received a consensus rating of "Hold" from the five brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $25.00.

Several brokerages recently issued reports on WOLF. Susquehanna cut their price objective 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. Wall Street Zen upgraded Wolfspeed from a "strong sell" rating to a "sell" rating in a report on Saturday, August 22nd. Weiss Ratings raised Wolfspeed from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday, August 24th. Finally, TD Cowen reiterated a "hold" rating and issued a $25.00 price target on shares of Wolfspeed in a report on Thursday, August 20th.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed during the second quarter valued at about $299,000. Engineers Gate Manager LP purchased a new position in shares of Wolfspeed in the 2nd quarter worth approximately $347,000. Arizona State Retirement System purchased a new position in shares of Wolfspeed in the 2nd quarter worth approximately $360,000. California State Teachers Retirement System bought a new position in shares of Wolfspeed during the 2nd quarter worth approximately $72,081,000. Finally, Readystate Asset Management LP bought a new position in shares of Wolfspeed during the 2nd quarter worth approximately $6,841,000.

Wolfspeed Price Performance

NYSE:WOLF opened at $25.77 on Monday. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $80.82. The company has a 50-day moving average of $28.80 and a 200 day moving average of $33.82. The firm has a market cap of $1.37 billion and a PE ratio of -1.63.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating analysts' consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to analysts' expectations of $150.00 million. During the same period last year, the business posted ($0.77) EPS. The company's revenue for the quarter was down 24.1% on a year-over-year basis.

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.

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