Wolfspeed (NYSE:WOLF) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Wolfspeed has received a consensus recommendation of "Hold" from twelve brokerages, with an average twelve-month price target of $10.58.
• There has been significant activity from institutional investors, including several acquisitions and increased holdings in the company during the second quarter.
• Wolfspeed's stock price increased by 6.3%, currently trading around $1.40, down from a 52-week high of $17.45.

Wolfspeed (NYSE:WOLF - Get Free Report) has been given a consensus recommendation of "Hold" by the twelve brokerages that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $10.5833.

Several research firms have recently issued reports on WOLF. Piper Sandler lowered their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Citigroup reiterated a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th.

Institutional Trading of Wolfspeed

Large investors have recently made changes to their positions in the company. Marex Group plc acquired a new position in Wolfspeed during the second quarter worth $44,000. GMT Capital Corp raised its holdings in shares of Wolfspeed by 42.9% during the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company's stock worth $483,000 after acquiring an additional 363,784 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Wolfspeed during the 2nd quarter worth $108,000. Canada Pension Plan Investment Board purchased a new stake in shares of Wolfspeed in the second quarter valued at about $34,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed in the second quarter valued at about $34,000.

Wolfspeed Stock Up 6.3%

Wolfspeed stock opened at $1.4030 on Wednesday. The business's 50-day moving average price is $1.33 and its 200 day moving average price is $3.03. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65. The firm has a market cap of $218.35 million, a price-to-earnings ratio of -0.17 and a beta of 1.23. Wolfspeed has a 52 week low of $0.3876 and a 52 week high of $17.4475.

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.

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