Wolfspeed (NYSE:WOLF) Trading Down 7.4% – What’s Next?
by Renee Jackson · The Cerbat GemShares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) traded down 7.4% on Friday . The stock traded as low as $22.52 and last traded at $22.6190. 1,331,347 shares were traded during mid-day trading, a decline of 20% from the average session volume of 1,654,547 shares. The stock had previously closed at $24.43.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Susquehanna decreased their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $14.33.
View Our Latest Stock Analysis on WOLF
Wolfspeed Trading Down 4.4%
The stock has a market capitalization of $1.05 billion and a P/E ratio of -3.32. The stock’s fifty day moving average price is $17.86 and its two-hundred day moving average price is $19.84.
Wolfspeed (NYSE:WOLF – Get Free Report) last released its earnings results on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same quarter in the prior year, the company earned ($0.95) EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Wolfspeed
Several institutional investors have recently bought and sold shares of WOLF. Camden Asset Management L P CA bought a new stake in Wolfspeed in the third quarter valued at approximately $9,452,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Wolfspeed in the third quarter worth $8,560,000. Vontobel Holding Ltd. raised its holdings in Wolfspeed by 21.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company’s stock valued at $16,669,000 after buying an additional 103,282 shares during the last quarter. Silverback Asset Management LLC bought a new stake in Wolfspeed during the 3rd quarter valued at $8,191,000. Finally, GMT Capital Corp boosted its position in Wolfspeed by 42.9% during the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock valued at $483,000 after buying an additional 363,784 shares during the period.
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.