Wolfspeed (NYSE:WOLF) Stock Rating Lowered by Wall Street Zen

Wolfspeed (NYSE:WOLF - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Sunday.

Several other research firms have also issued reports on WOLF. Susquehanna increased their price objective on shares of Wolfspeed to $30.00 and gave the stock a "neutral" rating in a research report on Wednesday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Wolfspeed in a report on Saturday, September 27th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $11.78.

Wolfspeed Stock Down 1.7%

Wolfspeed stock opened at $29.10 on Friday. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $36.60. The firm has a fifty day moving average of $12.71 and a 200-day moving average of $5.69. The firm has a market capitalization of $751.94 million and a P/E ratio of -2.58.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Wolfspeed by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock valued at $57,876,000 after acquiring an additional 2,989,503 shares during the last quarter. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 2.2% in the 1st quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock worth $20,396,000 after buying an additional 146,106 shares during the last quarter. Neuberger Berman Group LLC lifted its position 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 worth $13,723,000 after buying an additional 1,822,958 shares during the last quarter. Two Seas Capital LP bought a new position in shares of Wolfspeed in the 2nd quarter worth about $962,000. Finally, Shah Capital Management bought a new position in shares of Wolfspeed in the 1st quarter worth about $6,586,000.

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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