Wolfspeed (NYSE:WOLF) Shares Down 7.5% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price fell 7.5% during trading on Thursday . The company traded as low as $5.56 and last traded at $5.41. 16,681,225 shares changed hands during trading, a decline of 16% from the average session volume of 19,965,092 shares. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several analyst reports. Canaccord Genuity Group cut their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Bank of America reduced their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Piper Sandler decreased their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a fifty day simple moving average of $5.82 and a 200-day simple moving average of $8.12. The company has a market capitalization of $332.69 million, a price-to-earnings ratio of -0.34 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, equities research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the business. Thrivent Financial for Lutherans grew its holdings in Wolfspeed by 225.0% in the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after purchasing an additional 68,423 shares during the period. Intech Investment Management LLC grew its position in shares of Wolfspeed by 13.8% in the third quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock valued at $540,000 after purchasing an additional 6,757 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Algert Global LLC lifted its stake in Wolfspeed by 173.6% in the 3rd quarter. Algert Global LLC now owns 145,216 shares of the company’s stock valued at $1,409,000 after buying an additional 92,140 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in Wolfspeed by 54.3% in the 3rd quarter. D.A. Davidson & CO. now owns 90,786 shares of the company’s stock valued at $881,000 after buying an additional 31,937 shares in the last quarter.

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.