Wolfspeed (NYSE:WOLF) Rating Increased to Sell at Wall Street Zen

Key Points

• Wall Street Zen raised Wolfspeed’s rating from “strong sell” to “sell,” while Weiss Ratings also reiterated a bearish “sell (d-)” view. Overall, the stock still carries a Hold consensus rating with a $20.00 price target.
• Wolfspeed shares were down 3.8% and recently traded at $29.98, below its 50-day average of $50.91 and near its 200-day average of $31.13. The stock has ranged from $8.05 to $80.82 over the past year.
• The company’s latest quarter showed better-than-expected earnings of ($3.26) per share versus a ($3.78) estimate, with revenue of $150.2 million essentially in line with forecasts. However, revenue still fell 19% year over year, and the company remains unprofitable.

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

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.00.

Wolfspeed Trading Down 3.8%

Wolfspeed stock opened at $29.98 on Friday. The stock has a 50-day moving average price of $50.91 and a two-hundred day moving average price of $31.13. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82. The company has a market capitalization of $1.56 billion and a PE ratio of -2.84.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to the consensus estimate of $150.00 million. The business's revenue for the quarter was down 19.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.72) earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new stake in shares of Wolfspeed in the 2nd quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Wolfspeed during the second quarter worth $34,000. Summit Securities Group LLC lifted its holdings in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company's stock valued at $38,000 after buying an additional 915 shares during the period. Marex Group plc acquired a new position in Wolfspeed in the second quarter valued at $44,000. Finally, Eastern Bank bought a new stake in Wolfspeed during the fourth quarter valued at $46,000.

About Wolfspeed

Wolfspeed, Inc NYSE: WOLF is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company's product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.

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