Wolfspeed (NYSE:WOLF) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Wolfspeed (NYSE:WOLF) from a hold rating to a sell rating in a research note issued to investors on Sunday morning.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Susquehanna lifted their price target on shares of Wolfspeed to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $11.78.

Wolfspeed Stock Down 0.6%

NYSE:WOLF opened at $30.70 on Friday. The firm’s 50 day moving average is $13.88 and its 200 day moving average is $6.11. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in WOLF. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company’s stock worth $57,876,000 after purchasing an additional 2,989,503 shares during the period. Two Seas Capital LP bought a new position in Wolfspeed in the second quarter valued at $962,000. Shah Capital Management bought a new position in Wolfspeed in the first quarter valued at $6,586,000. Neuberger Berman Group LLC increased its stake in Wolfspeed by 72.7% in the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company’s stock valued at $13,723,000 after acquiring an additional 1,822,958 shares during the last quarter. Finally, Jump Financial LLC bought a new position in Wolfspeed in the first quarter valued at $4,402,000.

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.