Wolfspeed (NYSE:WOLF) Downgraded by TD Cowen

Wolfspeed (NYSE:WOLF) was downgraded by TD Cowen from a “buy” rating to a “hold” rating in a report released on Thursday, FinViz reports. They currently have a $25.00 target price on the stock, down from their previous target price of $40.00. TD Cowen’s price target indicates a potential downside of 4.21% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Mizuho began coverage on shares of Wolfspeed in a research note on Friday, April 5th. They set a “neutral” rating and a $30.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, April 23rd. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Susquehanna dropped their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Finally, Piper Sandler reduced their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.33.

Wolfspeed Stock Down 3.4 %

Wolfspeed stock opened at $26.10 on Thursday. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The stock has a market capitalization of $3.28 billion, a PE ratio of -4.29 and a beta of 1.64. The business has a 50 day simple moving average of $26.60 and a 200-day simple moving average of $32.22. Wolfspeed has a 12 month low of $21.85 and a 12 month high of $70.42.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The firm had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. On average, analysts anticipate that Wolfspeed will post -3.05 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson bought 10,000 shares of Wolfspeed stock in a transaction on Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after buying an additional 157,668 shares during the period. Norges Bank acquired a new position in shares of Wolfspeed in the 4th quarter worth approximately $308,701,000. Artisan Partners Limited Partnership boosted its position in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares during the period. Primecap Management Co. CA increased its holdings in Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after purchasing an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. raised its position in Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after purchasing an additional 1,165,600 shares during the period.

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.