Wolfspeed (NYSE:WOLF) Shares Gap Down to $10.18

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.18, but opened at $9.80. Wolfspeed shares last traded at $10.01, with a volume of 942,007 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Piper Sandler reduced their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 22nd. Canaccord Genuity Group lowered their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $24.53.

Wolfspeed Stock Performance

The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The company has a market capitalization of $1.24 billion, a PE ratio of -1.58 and a beta of 1.52. The company has a 50-day moving average price of $12.21 and a two-hundred day moving average price of $20.94.

Wolfspeed (NYSE:WOLF) last announced its quarterly 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). The firm had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Analysts predict that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WOLF. Primecap Management Co. CA lifted its position in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares during the last quarter. Cibc World Markets Corp purchased a new position in Wolfspeed in the fourth quarter worth $34,808,000. Vanguard Group Inc. increased its stake in Wolfspeed by 3.6% in 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. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% in the second 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Wolfspeed by 30.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock worth $14,513,000 after purchasing an additional 149,093 shares during 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.