Wolfspeed (NYSE:WOLF) Shares Gap Down to $8.10

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Monday . The stock had previously closed at $8.10, but opened at $7.93. Wolfspeed shares last traded at $7.84, with a volume of 1,188,425 shares trading hands.

Wall Street Analyst Weigh In

WOLF has been the subject of several research analyst reports. Mizuho decreased their price target on shares of Wolfspeed from $28.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. The Goldman Sachs Group reduced their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.53.

Wolfspeed Stock Down 3.7 %

The firm has a market cap of $981.67 million, a PE ratio of -1.18 and a beta of 1.52. 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 fifty day simple moving average of $13.67 and a two-hundred day simple moving average of $21.63.

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

Institutional Investors Weigh In On Wolfspeed

Large investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 15.3% during 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. Cibc World Markets Corp purchased a new stake in shares of Wolfspeed during the fourth quarter worth about $34,808,000. Vanguard Group Inc. raised its holdings in 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. Artisan Partners Limited Partnership grew its holdings in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares during the period. Finally, Samlyn Capital LLC raised its position in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 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.