Wolfspeed (NYSE:WOLF) Trading Down 7.6% – Here’s Why
by Danessa Lincoln · The Markets DailyWolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s stock price was down 7.6% during mid-day trading on Monday . The company traded as low as $45.10 and last traded at $42.4550. Approximately 930,964 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 4,483,763 shares. The stock had previously closed at $45.97.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on WOLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $20.00.
Check Out Our Latest Report on Wolfspeed
Wolfspeed Price Performance
The firm has a fifty day simple moving average of $49.02 and a two-hundred day simple moving average of $29.22. The firm has a market capitalization of $2.34 billion and a P/E ratio of -4.23.
Wolfspeed (NYSE:WOLF – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.72) earnings per share.
Institutional Investors Weigh In On Wolfspeed
Several institutional investors have recently added to or reduced their stakes in WOLF. Summit Securities Group LLC increased its stake in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Eastern Bank purchased a new stake in shares of Wolfspeed during the 4th quarter valued at approximately $46,000. Royal Bank of Canada bought a new position in Wolfspeed in the 1st quarter worth approximately $89,000. Cinctive Capital Management LP purchased a new position in Wolfspeed in the 4th quarter valued at approximately $176,000. Finally, Capital Investment Advisory Services LLC grew its stake in Wolfspeed by 13.3% in the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after buying an additional 1,783 shares in the last quarter.
Wolfspeed Company Profile
Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.
Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.