Wolfspeed (NYSE:WOLF) Lowered to “Underperform” at Mizuho

Mizuho cut shares of Wolfspeed (NYSE:WOLF) from a neutral rating to an underperform rating in a research note published on Thursday, MarketBeat.com reports. They currently have $8.00 price objective on the stock, down from their previous price objective of $17.00.

Other research analysts have also issued research reports about the stock. Susquehanna cut their target price on shares of Wolfspeed from $23.00 to $16.00 and set a neutral rating for the company in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Wolfspeed from $17.00 to $14.00 and set a hold rating for the company in a research report on Thursday, August 22nd. TD Cowen cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set a hold rating for the company in a research report on Thursday, August 22nd. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $48.00 to $28.00 and set a buy rating for the company in a research report on Thursday, August 22nd. Finally, Bank of America cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set an underperform rating for the company in a research report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $23.93.

Wolfspeed Stock Down 5.9 %

WOLF stock opened at $8.61 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. Wolfspeed has a 1 year low of $7.28 and a 1 year high of $47.43. The company has a fifty day simple moving average of $11.53 and a 200 day simple moving average of $20.63. The firm has a market cap of $1.08 billion, a PE ratio of -1.33 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Sell-side analysts anticipate that Wolfspeed will post -3.84 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Primecap Management Co. CA increased its stake in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the period. Vanguard Group Inc. increased its stake in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the period. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% in the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares during the period. Dimensional Fund Advisors LP increased its stake in Wolfspeed by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after acquiring an additional 149,093 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 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.