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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) has received an average rating of "Hold" from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $11.15.

A number of research firms have commented on WOLF. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler cut their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Citigroup restated a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, The Goldman Sachs Group cut their price target on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd.

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the sale, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC lifted its position in Wolfspeed by 85.3% in the first quarter. Inspire Investing LLC now owns 112,872 shares of the company's stock valued at $345,000 after acquiring an additional 51,945 shares during the last quarter. Rhumbline Advisers lifted its position in Wolfspeed by 10.8% in the first quarter. Rhumbline Advisers now owns 342,505 shares of the company's stock valued at $1,048,000 after acquiring an additional 33,361 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company's stock valued at $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company's stock valued at $4,224,000 after acquiring an additional 881,603 shares during the last quarter. Finally, MAI Capital Management lifted its position in Wolfspeed by 894.9% in the first quarter. MAI Capital Management now owns 10,815 shares of the company's stock valued at $33,000 after acquiring an additional 9,728 shares during the last quarter.

Wolfspeed Price Performance

Shares of WOLF traded up $0.07 during mid-day trading on Friday, hitting $1.46. 12,344,255 shares of the company were exchanged, compared to its average volume of 17,911,551. Wolfspeed has a 1-year low of $0.82 and a 1-year high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The company has a 50 day moving average of $2.62 and a 200-day moving average of $5.18. The stock has a market cap of $226.44 million, a price-to-earnings ratio of -0.19 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. The company had revenue of $185.40 million during the quarter, compared to the consensus estimate of $190.03 million. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Wolfspeed's quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.62) EPS. Analysts expect that Wolfspeed will post -4 EPS for the current fiscal year.

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.