Wolfspeed (NYSE:WOLF) Sets New 1-Year Low at $23.11

Wolfspeed, Inc. (NYSE:WOLF) shares reached a new 52-week low during trading on Friday . The stock traded as low as $23.11 and last traded at $23.58, with a volume of 312866 shares traded. The stock had previously closed at $23.72.

Wall Street Analyst Weigh In

Several research analysts have commented on WOLF shares. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target on the stock. Piper Sandler dropped their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Susquehanna reaffirmed a “neutral” rating and set a $35.00 price objective on shares of Wolfspeed in a report on Monday, April 8th. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price objective (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, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.63.

Wolfspeed Trading Down 1.3 %

The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The company has a 50-day moving average price of $27.07 and a 200-day moving average price of $32.72.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. On average, equities analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal year.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Wolfspeed during the fourth quarter worth about $308,701,000. FengHe Fund Management Pte. Ltd. increased its stake in Wolfspeed by 438.9% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares during the last quarter. JANA Partners Management LP acquired a new stake in Wolfspeed during the third quarter worth about $35,662,000. Cibc World Markets Corp acquired a new stake in Wolfspeed during the fourth quarter worth about $34,808,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Wolfspeed by 743.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 515,337 shares of the company’s stock worth $22,423,000 after acquiring an additional 454,252 shares during the last quarter.

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.