Wolfspeed (NYSE:WOLF) Lowered to Hold at TD Cowen

Wolfspeed (NYSE:WOLF) was downgraded by equities research analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, FinViz reports. They presently have a $25.00 price objective on the stock, down from their previous price objective of $40.00. TD Cowen’s price objective indicates a potential downside of 4.21% from the stock’s previous close.

A number of other brokerages also recently issued reports on WOLF. Piper Sandler cut their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. JPMorgan Chase & Co. reduced their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price objective on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Wolfspeed in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.33.

Wolfspeed Trading Down 3.4 %

Shares of WOLF stock opened at $26.10 on Thursday. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. Wolfspeed has a 12-month low of $21.85 and a 12-month high of $70.42. The stock has a market capitalization of $3.28 billion, a P/E ratio of -4.29 and a beta of 1.64. The firm’s 50 day moving average is $26.60 and its 200 day moving average is $32.22.

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

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the stock in a transaction on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, 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 is available through this hyperlink. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC increased its position in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky grew its holdings in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the last quarter. Rakuten Securities Inc. bought a new position in Wolfspeed during the 4th quarter valued at about $48,000. Fifth Third Bancorp raised its position in Wolfspeed by 56.9% in the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the period. Finally, GAMMA Investing LLC bought a new stake in Wolfspeed in the fourth quarter worth about $56,000.

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.