Wolfspeed (NYSE:WOLF) Upgraded to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Wolfspeed from a “strong sell” to a “sell,” while the broader analyst view remains mixed with an average rating of “Hold” and a $20.00 price target.
• Wolfspeed shares were trading up 3.4% at $46.69, near their 12-month high of $50.99, despite having a much lower 50-day and 200-day moving average.
• The company reported quarterly EPS of ($3.26), beating estimates, and revenue of $150.2 million, roughly in line with expectations, though sales were still down 19% year over year.

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

Several other research firms have also recently issued reports on WOLF. Susquehanna cut their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Wolfspeed to a "hold" rating in a research report on Monday, February 9th. Piper Sandler restated an "overweight" rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Wolfspeed in a research report on Friday, March 27th. One research 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. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $20.00.

Wolfspeed Trading Up 3.4%

Wolfspeed stock opened at $46.69 on Friday. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $50.99. The stock has a market cap of $2.11 billion and a P/E ratio of -6.63. The company has a 50-day moving average price of $21.97 and a 200 day moving average price of $20.63.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) 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 analyst estimates of $150.00 million. During the same quarter in the previous year, the business posted ($0.72) earnings per share. Wolfspeed's revenue for the quarter was down 19.0% on a year-over-year basis.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently made changes to their positions in WOLF. Goldman Sachs Group Inc. increased its position in shares of Wolfspeed by 176.7% during 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Wolfspeed by 94.3% during 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. WINTON GROUP Ltd acquired a new stake in shares of Wolfspeed during the second quarter valued at about $47,000. Ilex Capital Partners UK LLP increased its position in shares of Wolfspeed by 499.1% during the second quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company's stock valued at $265,000 after acquiring an additional 554,587 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the second quarter valued at about $34,000.

Wolfspeed Company Profile

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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