Wolfspeed (NYSE:WOLF) Downgraded to “Market Perform” at William Blair

William Blair cut shares of Wolfspeed (NYSE:WOLF) from an outperform rating to a market perform rating in a report issued on Thursday, Marketbeat reports.

A number of other equities research analysts have also recently issued reports on the stock. Roth Mkm reiterated a buy rating and issued a $50.00 price objective on shares of Wolfspeed in a report on Tuesday, April 30th. Piper Sandler cut their price objective on Wolfspeed from $55.00 to $45.00 and set an overweight rating on the stock in a research note on Thursday, February 1st. Mizuho assumed coverage on shares of Wolfspeed in a research note on Friday, April 5th. They issued a neutral rating and a $30.00 price objective for the company. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wolfspeed from $35.00 to $30.00 and set a hold rating on the stock in a report on Tuesday, April 23rd. Finally, Wells Fargo & Company reaffirmed an equal weight rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $37.27.

Wolfspeed Price Performance

Shares of WOLF opened at $25.33 on Thursday. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.58 and a current ratio of 4.58. The firm has a market cap of $3.19 billion, a PE ratio of -3.92 and a beta of 1.64. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The firm’s 50 day moving average price is $26.61 and its 200 day moving average price is $32.01.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Wolfspeed in the 4th quarter valued at $308,701,000. FengHe Fund Management Pte. Ltd. increased its stake in 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 acquiring an additional 1,165,600 shares during the period. JANA Partners Management LP acquired a new position in Wolfspeed in the third quarter worth about $35,662,000. Cibc World Markets Corp acquired a new position in Wolfspeed in the fourth quarter worth about $34,808,000. Finally, Polar Capital Holdings Plc bought a new position in Wolfspeed during the third quarter worth about $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.