Wolfspeed (NYSE:WOLF) Reaches New 1-Year Low – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low on Friday . The company traded as low as $7.28 and last traded at $7.30, with a volume of 2234669 shares changing hands. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on WOLF shares. Bank of America decreased their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Roth Mkm lowered their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.36.

Wolfspeed Stock Down 6.4 %

The firm has a fifty day moving average price of $10.84 and a two-hundred day moving average price of $17.61. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The firm had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. On average, sell-side analysts predict that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of the business. Primecap Management Co. CA increased its holdings in Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after acquiring an additional 766,971 shares during the period. Vanguard Group Inc. raised its holdings in shares of Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed in the third quarter worth approximately $4,542,000. Finally, Iridian Asset Management LLC CT grew its position in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 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.