Wolfspeed (NYSE:WOLF) Shares Down 5.1%

Shares of Wolfspeed, Inc. (NYSE:WOLF) were down 5.1% during mid-day trading on Friday . The company traded as low as $8.25 and last traded at $8.36. Approximately 862,484 shares traded hands during trading, a decline of 84% from the average daily volume of 5,242,761 shares. The stock had previously closed at $8.81.

Analyst Ratings Changes

A number of equities analysts have issued reports on WOLF shares. Morgan Stanley cut their price target on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. The Goldman Sachs Group cut their target price on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler cut their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd. Susquehanna cut their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Finally, Mizuho cut their target price on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus target price of $24.53.

Wolfspeed Price Performance

The business’s fifty day simple moving average is $14.00 and its 200-day simple moving average is $21.84. 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 firm has a market cap of $1.01 billion, a P/E ratio of -1.29 and a beta of 1.52.

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 analysts’ consensus estimates 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 business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. As a group, analysts forecast that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC grew its position in shares of Wolfspeed by 292,375.0% during the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after purchasing an additional 70,170 shares in the last quarter. Vanguard Group Inc. raised its stake 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 acquiring an additional 449,732 shares during the last quarter. Boston Partners bought a new position in shares of Wolfspeed during the first quarter valued at about $1,621,000. Artisan Partners Limited Partnership raised its stake in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Wolfspeed during the first quarter valued at about $245,000.

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.