Mizuho Lowers Wolfspeed (NYSE:WOLF) to Underperform

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

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a hold rating for the company in a research note on Thursday, August 22nd. The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $48.00 to $28.00 and set a buy rating for the company in a research note on Thursday, August 22nd. Oppenheimer restated a market perform rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Morgan Stanley dropped their price objective on shares of Wolfspeed from $23.00 to $15.00 and set an equal weight rating for the company in a research note on Thursday, August 15th. Finally, Bank of America lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set an underperform rating on the stock in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $22.43.

Wolfspeed Price Performance

NYSE:WOLF opened at $9.48 on Thursday. The stock has a market cap of $1.19 billion, a P/E ratio of -1.47 and a beta of 1.52. Wolfspeed has a one year low of $7.28 and a one year high of $47.43. The company has a fifty day moving average price of $11.14 and a 200 day moving average price of $20.43. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

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

Institutional Trading of Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. New York State Teachers Retirement System raised its holdings in Wolfspeed by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after buying an additional 500 shares during the period. Treasurer of the State of North Carolina raised its holdings in Wolfspeed by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock worth $2,393,000 after buying an additional 540 shares during the period. TFO Wealth Partners LLC raised its holdings in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares during the period. Green Alpha Advisors LLC raised its holdings in Wolfspeed by 2.6% during the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock worth $771,000 after buying an additional 662 shares during the period. Finally, Seven Eight Capital LP raised its holdings in Wolfspeed by 0.5% during the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after buying an additional 675 shares during the period.

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.