Wolfspeed (NYSE:WOLF) Stock Price Down 5.7% – Should You Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 5.7% on Tuesday . The company traded as low as $5.62 and last traded at $5.67. 997,317 shares changed hands during trading, a decline of 90% from the average session volume of 10,491,790 shares. The stock had previously closed at $6.01.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Piper Sandler reduced their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Susquehanna reduced their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Finally, Bank of America reduced their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Down 7.9 %

The business has a 50-day simple moving average of $5.90 and a two-hundred day simple moving average of $8.33. The company has a market cap of $707.02 million, a price-to-earnings ratio of -0.72 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in WOLF. Principal Financial Group Inc. lifted its position in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the last quarter. GSA Capital Partners LLP increased its stake in Wolfspeed by 230.0% during the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock valued at $572,000 after acquiring an additional 41,114 shares during the period. Thrivent Financial for Lutherans increased its stake in Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 shares during the period. Quest Partners LLC increased its stake in Wolfspeed by 315.2% during the third quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock valued at $368,000 after acquiring an additional 28,772 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares during the period.

Wolfspeed Company Profile

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.