Wolfspeed (NYSE:WOLF) Stock Price Down 8.9% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 8.9% during trading on Thursday . The company traded as low as $13.68 and last traded at $13.71. Approximately 3,551,597 shares were traded during mid-day trading, a decline of 44% from the average session volume of 6,386,851 shares. The stock had previously closed at $15.05.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on WOLF shares. New Street Research lowered 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. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Piper Sandler reduced their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. Bank of America dropped their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Finally, Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two research 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 a consensus rating of “Hold” and an average target price of $22.43.

Wolfspeed Stock Down 12.4 %

The business has a 50-day moving average price of $10.89 and a 200-day moving average price of $18.62. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The stock has a market cap of $1.67 billion, a PE ratio of -1.98 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. As a group, analysts forecast that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the period. Primecap Management Co. CA boosted its holdings in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the period. Bank of New York Mellon Corp boosted its holdings in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 shares during the period. Samlyn Capital LLC boosted its holdings in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Wolfspeed by 2.0% during the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after acquiring an additional 14,007 shares during the period.

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.