Wolfspeed (NYSE:WOLF) Stock Rating Lowered by Mizuho

by · The Cerbat Gem

Wolfspeed (NYSE:WOLF – Get Free Report) was downgraded by research analysts at Mizuho from a “neutral” rating to an “underperform” rating in a report released on Thursday, MarketBeat Ratings reports. They currently have a $8.00 price objective on the stock, down from their previous price objective of $17.00. Mizuho’s price objective suggests a potential downside of 15.61% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. TD Cowen reduced their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. Morgan Stanley reduced their price target on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Finally, Piper Sandler reduced their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.93.

Get Our Latest Analysis on WOLF

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $9.48 on Thursday. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm has a market capitalization of $1.19 billion, a P/E ratio of -1.43 and a beta of 1.52. The business has a fifty day simple moving average of $11.34 and a two-hundred day simple moving average of $20.54. Wolfspeed has a 12 month low of $7.28 and a 12 month high of $47.43.

Wolfspeed (NYSE:WOLF – Get Free Report) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. On average, equities analysts forecast that Wolfspeed will post -3.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares in the last quarter. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 15.3% during the 2nd 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 in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares in the last quarter. Samlyn Capital LLC lifted its position in shares of Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after buying an additional 343,277 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Wolfspeed by 2.0% during the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after buying an additional 14,007 shares in the last quarter.

Wolfspeed Company Profile

(Get Free Report)

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.

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