Wolfspeed (NYSE:WOLF) Shares Gap Down Following Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLFGet Rating) shares gapped down prior to trading on Wednesday after Evercore ISI lowered their price target on the stock to $115.00. The stock had previously closed at $93.81, but opened at $89.30. Wolfspeed shares last traded at $90.57, with a volume of 29,876 shares traded.

Several other research analysts have also issued reports on WOLF. StockNews.com started coverage on Wolfspeed in a research report on Wednesday, October 12th. They set a “sell” rating for the company. Piper Sandler dropped their target price on Wolfspeed from $130.00 to $100.00 in a research report on Thursday, October 27th. Canaccord Genuity Group dropped their target price on Wolfspeed from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Tuesday, November 1st. Oppenheimer boosted their target price on Wolfspeed from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, August 18th. Finally, JPMorgan Chase & Co. dropped their target price on Wolfspeed from $150.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, November 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $108.94.

Insider Transactions at Wolfspeed

In other news, Director Duy Loan T. Le bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were purchased at an average cost of $120.34 per share, with a total value of $240,680.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at $240,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Wolfspeed news, Director Duy Loan T. Le purchased 1,000 shares of the stock in a transaction on Tuesday, November 1st. The shares were bought at an average cost of $77.26 per share, with a total value of $77,260.00. Following the completion of the acquisition, the director now owns 25,662 shares in the company, valued at $1,982,646.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction on Thursday, August 25th. The stock was acquired at an average cost of $120.34 per share, for a total transaction of $240,680.00. Following the completion of the acquisition, the director now owns 2,000 shares of the company’s stock, valued at approximately $240,680. The disclosure for this purchase can be found here. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. Thrivent Financial for Lutherans raised its position in shares of Wolfspeed by 381.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,122,397 shares of the company’s stock worth $116,011,000 after purchasing an additional 889,032 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Wolfspeed during the 3rd quarter worth about $48,325,000. Allspring Global Investments Holdings LLC raised its position in shares of Wolfspeed by 38,868.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 446,972 shares of the company’s stock worth $46,198,000 after purchasing an additional 445,825 shares during the last quarter. Pinpoint Asset Management Ltd acquired a new position in shares of Wolfspeed during the 3rd quarter worth about $40,827,000. Finally, Handelsbanken Fonder AB raised its position in shares of Wolfspeed by 104.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 646,554 shares of the company’s stock worth $66,828,000 after purchasing an additional 330,582 shares during the last quarter.

Wolfspeed Stock Performance

The stock has a market cap of $10.94 billion, a price-to-earnings ratio of -67.22 and a beta of 1.36. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average is $99.06 and its two-hundred day moving average is $91.29.

Wolfspeed (NYSE:WOLFGet Rating) last released its quarterly earnings data on Wednesday, August 17th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.12. The company had revenue of $228.50 million during the quarter, compared to the consensus estimate of $207.58 million. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. Wolfspeed’s quarterly revenue was up 56.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.34) EPS. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -0.99 earnings per share for the current year.

About Wolfspeed

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Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

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