Wolfspeed (NYSE:WOLF) Receives Average Rating of "Hold" from Analysts

Key Points

• Analyst Ratings: Wolfspeed has received an average rating of "Hold" from thirteen analysts, with four sell ratings, five hold ratings, and four buy ratings.
• Recent Stock Performance: Shares of Wolfspeed have experienced a significant drop, down 8.1%, with a share price opening at $1.64 and a 52-week low of $0.39.
• Insider Activity: CFO Neill Reynolds sold 13,909 shares at an average price of $3.99, reflecting a 6.65% decrease in his ownership of the stock.

Wolfspeed (NYSE:WOLF - Get Free Report) has been assigned an average rating of "Hold" from the thirteen analysts that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $11.15.

A number of analysts recently issued reports on WOLF shares. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. 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 restated a "sell" rating and set a $3.00 target price (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their price target on 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 the company's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, the chief financial officer directly owned 195,257 shares in the company, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock valued at $57,876,000 after purchasing an additional 2,989,503 shares during the period. Shah Capital Management purchased a new stake in shares of Wolfspeed in the 1st quarter valued at approximately $6,586,000. Neuberger Berman Group LLC grew its stake in shares of Wolfspeed by 72.7% in the 1st quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after buying an additional 1,822,958 shares during the period. Jump Financial LLC purchased a new stake in shares of Wolfspeed during the 1st quarter valued at approximately $4,402,000. Finally, Frontier Capital Management Co. LLC raised its position in shares of Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after buying an additional 995,020 shares during the period.

Wolfspeed Stock Down 8.1%

Shares of WOLF opened at $1.64 on Friday. The stock's 50-day moving average price is $1.44 and its 200-day moving average price is $3.63. 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 company has a market capitalization of $254.46 million, a price-to-earnings ratio of -0.20 and a beta of 1.09. Wolfspeed has a 52 week low of $0.39 and a 52 week high of $20.23.

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, topping the consensus estimate of ($0.82) by $0.10. The business had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The business's quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.62) EPS. On average, sell-side analysts predict that Wolfspeed will post -4 EPS for the current 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.

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