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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down prior to trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $43.00 to $35.00. The stock had previously closed at $27.86, but opened at $27.08. JPMorgan Chase & Co. currently has a neutral rating on the stock. Wolfspeed shares last traded at $26.97, with a volume of 401,378 shares changing hands.

Other analysts also recently issued research reports about the stock. Susquehanna reiterated a “neutral” rating and issued a $35.00 target price on shares of Wolfspeed in a report on Monday, April 8th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Mizuho assumed coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price for the company. Finally, Piper Sandler dropped their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $43.63.

Insiders Place Their Bets

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the company. TFO Wealth Partners LLC lifted its position in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the last quarter. Independence Bank of Kentucky lifted its position in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. First Manhattan CO. LLC. purchased a new stake in shares of Wolfspeed during the 1st quarter worth $39,000. Penserra Capital Management LLC purchased a new stake in shares of Wolfspeed during the 4th quarter worth $43,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed during the 4th quarter worth $48,000.

Wolfspeed Trading Down 5.7 %

The firm has a market capitalization of $3.30 billion, a PE ratio of -4.32 and a beta of 1.66. The company’s 50-day moving average price is $27.20 and its 200-day moving average price is $33.09. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The firm had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. On average, sell-side analysts expect that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

About Wolfspeed

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.