Wolfspeed (NYSE:WOLF) Trading Down 7.5% – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) fell 7.5% on Thursday . The company traded as low as $5.56 and last traded at $5.41. 16,681,225 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 19,965,092 shares. The stock had previously closed at $5.85.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Piper Sandler cut their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group lowered their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, Canaccord Genuity Group dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Down 51.6 %

The business’s 50 day moving average price is $5.82 and its 200-day moving average price is $8.12. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market capitalization of $332.69 million, a PE ratio of -0.34 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, equities research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Jones Financial Companies Lllp raised its holdings in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after acquiring an additional 3,548 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Wolfspeed in the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC lifted its position in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter. KBC Group NV grew its stake in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares during the last quarter.

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.