Wolfspeed (NYSE:WOLF) Stock Rating Lowered by William Blair

Wolfspeed (NYSE:WOLF) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat reports.

Several other brokerages have also recently commented on WOLF. Wells Fargo & Company reiterated an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Susquehanna lowered their price target on shares of Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Finally, Mizuho started coverage on shares of Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $37.27.

Wolfspeed Trading Up 7.5 %

Shares of NYSE WOLF traded up $1.77 during trading on Thursday, hitting $25.33. The company had a trading volume of 5,927,773 shares, compared to its average volume of 5,565,011. The stock has a fifty day simple moving average of $26.61 and a two-hundred day simple moving average of $32.05. The company has a quick ratio of 4.58, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a fifty-two week low of $20.63 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The company had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. Analysts predict that Wolfspeed will post -3.05 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. lifted its holdings in shares of Wolfspeed by 234.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after acquiring an additional 117,848 shares during the last quarter. Vanguard Group Inc. raised its position in Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after purchasing an additional 188,236 shares during the period. Boston Partners acquired a new position in Wolfspeed during the third quarter worth $2,032,000. UBS Group AG boosted its position in shares of Wolfspeed by 57.5% during the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after buying an additional 80,011 shares during the period. Finally, UniSuper Management Pty Ltd grew its stake in shares of Wolfspeed by 86.7% in the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock valued at $26,816,000 after buying an additional 326,810 shares in the last quarter.

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.