Wolfspeed, Inc. (NYSE:WOLF) Given Average Recommendation of “Hold” by Brokerages

Shares of Wolfspeed, Inc. (NYSE:WOLF) have earned an average rating of “Hold” from the sixteen ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.53.

WOLF has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Bank of America lowered their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Susquehanna cut their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group lowered their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Piper Sandler dropped their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. raised its position in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares during the period. Norges Bank purchased a new stake in shares of Wolfspeed during the fourth quarter worth $308,701,000. Primecap Management Co. CA raised its position in shares of Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after acquiring an additional 147,527 shares during the last quarter.

Wolfspeed Trading Down 6.5 %

Wolfspeed stock opened at $8.23 on Wednesday. Wolfspeed has a one year low of $8.05 and a one year high of $47.43. The stock has a market cap of $1.04 billion, a PE ratio of -1.27 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The stock has a 50-day moving average of $16.80 and a two-hundred day moving average of $22.90.

Wolfspeed Company Profile

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.