Wolfspeed (NYSE:WOLF) Trading Down 7.4% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares fell 7.4% during mid-day trading on Friday . The stock traded as low as $22.52 and last traded at $22.6190. 1,331,347 shares were traded during trading, a decline of 20% from the average session volume of 1,654,547 shares. The stock had previously closed at $24.43.

Analysts Set New Price Targets

Several brokerages recently issued reports on WOLF. Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Susquehanna dropped their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $14.33.

Wolfspeed Stock Performance

The company has a market cap of $1.05 billion and a price-to-earnings ratio of -3.29. The business’s 50 day moving average price is $18.01 and its 200-day moving average price is $20.11.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). During the same quarter in the prior year, the business posted ($0.95) EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis. On average, equities research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently made changes to their positions in the company. Renesas Electronics America Inc. acquired a new stake in shares of Wolfspeed during the 4th quarter worth about $293,400,000. Capital Research Global Investors acquired a new stake in shares of Wolfspeed during the 3rd quarter worth about $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 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.