Wolfspeed (NYSE:WOLF) Stock Rating Lowered by TD Cowen

TD Cowen lowered shares of Wolfspeed (NYSE:WOLF) from a buy rating to a hold rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has $25.00 price target on the stock, down from their previous price target of $40.00.

Several other brokerages also recently weighed in on WOLF. Mizuho started coverage on Wolfspeed in a report on Friday, April 5th. They issued a neutral rating and a $30.00 price target for the company. Roth Mkm reissued a buy rating and set a $50.00 target price on shares of Wolfspeed in a research report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Wolfspeed from $35.00 to $30.00 and set a hold rating for the company in a report on Tuesday, April 23rd. 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 research report on Wednesday, April 3rd. Finally, Piper Sandler dropped their price target on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $37.27.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $25.33 on Thursday. The company has a current ratio of 4.58, a quick ratio of 4.58 and a debt-to-equity ratio of 5.55. The company has a market cap of $3.19 billion, a PE ratio of -3.92 and a beta of 1.64. Wolfspeed has a 12-month low of $20.63 and a 12-month high of $70.42. The business’s fifty day simple moving average is $26.61 and its 200-day simple moving average is $32.01.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Wolfspeed during the 4th quarter worth about $308,701,000. FengHe Fund Management Pte. Ltd. increased its position in shares of 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 buying an additional 1,165,600 shares in the last quarter. JANA Partners Management LP acquired a new position in shares of Wolfspeed during the 3rd quarter worth approximately $35,662,000. Cibc World Markets Corp purchased a new position in shares of Wolfspeed during the 4th quarter valued at approximately $34,808,000. Finally, Polar Capital Holdings Plc acquired a new stake in Wolfspeed in the 3rd quarter valued at $16,200,000.

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.