Wolfspeed (NYSE:WOLF) Shares Down 4.9% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 4.9% during mid-day trading on Monday . The stock traded as low as $15.17 and last traded at $15.23. 1,269,581 shares changed hands during trading, a decline of 80% from the average session volume of 6,267,485 shares. The stock had previously closed at $16.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WOLF shares. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Canaccord Genuity Group reduced their price objective on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Wednesday, August 7th. Finally, TD Cowen decreased their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $22.43.

Wolfspeed Trading Up 0.1 %

The firm has a market cap of $1.94 billion, a P/E ratio of -2.39 and a beta of 1.52. The business’s 50 day moving average is $10.61 and its 200-day moving average is $19.08. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Seven Eight Capital LP raised its position in shares of Wolfspeed by 0.5% during the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock valued at $3,716,000 after acquiring an additional 675 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Wolfspeed by 34.7% in the 1st quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock worth $80,000 after buying an additional 702 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Wolfspeed by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after buying an additional 775 shares during the period. Finally, State of Michigan Retirement System grew its position in shares of Wolfspeed by 3.0% during the 1st quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock valued at $912,000 after buying an additional 900 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.