Wolfspeed (NYSE:WOLF) Rating Lowered to Market Perform at William Blair

William Blair lowered shares of Wolfspeed (NYSE:WOLF) from an outperform rating to a market perform rating in a research report released on Thursday morning, Marketbeat.com reports.

Several other research firms have also recently issued reports on WOLF. Deutsche Bank Aktiengesellschaft lowered their price objective on Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a research report on Tuesday, April 23rd. Roth Mkm reissued a buy rating and set a $50.00 price objective on shares of Wolfspeed in a report on Tuesday. Mizuho assumed coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a neutral rating and a $30.00 target price for the company. Piper Sandler cut their price target on shares of Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a neutral rating for the company in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed has an average rating of Hold and an average target price of $37.27.

Wolfspeed Stock Up 7.5 %

Wolfspeed stock traded up $1.77 during trading on Thursday, reaching $25.33. The stock had a trading volume of 5,927,773 shares, compared to its average volume of 5,565,011. Wolfspeed has a 52-week low of $20.63 and a 52-week high of $70.42. The business has a 50 day moving average price of $26.61 and a 200 day moving average price 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 (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The firm had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. On average, research analysts predict that Wolfspeed will post -3.05 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Norges Bank acquired a new position in Wolfspeed during the fourth quarter worth $308,701,000. FengHe Fund Management Pte. Ltd. grew its stake in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after acquiring an additional 1,165,600 shares during the last quarter. JANA Partners Management LP purchased a new position in Wolfspeed during the 3rd quarter valued at about $35,662,000. Cibc World Markets Corp acquired a new position in Wolfspeed during the fourth quarter worth about $34,808,000. Finally, Polar Capital Holdings Plc purchased a new stake in shares of Wolfspeed in the third quarter valued at about $16,200,000.

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.