Wolfspeed (NYSE:WOLF) Trading Down 8.1% – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) fell 8.1% during trading on Monday . The stock traded as low as $8.98 and last traded at $9.22. 2,972,044 shares were traded during trading, a decline of 56% from the average session volume of 6,690,352 shares. The stock had previously closed at $10.03.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WOLF. Bank of America lowered their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Susquehanna dropped their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd. Finally, The Goldman Sachs Group lowered their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Stock Down 3.5 %

The company has a 50 day moving average price of $10.89 and a 200-day moving average price of $17.75. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

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

Institutional Trading of Wolfspeed

Several institutional investors have recently modified their holdings of WOLF. Primecap Management Co. CA raised its position in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after acquiring an additional 800,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Iridian Asset Management LLC CT increased its holdings in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares in the last quarter. Finally, Samlyn Capital LLC lifted its holdings in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares during the last quarter.

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.