Wolfspeed (NYSE:WOLF) Trading Down 4.4%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price was down 4.4% during trading on Tuesday . The company traded as low as $9.23 and last traded at $9.27. Approximately 157,525 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 5,512,132 shares. The stock had previously closed at $9.70.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Piper Sandler cut their target price on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Bank of America decreased their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft dropped their price objective 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. Finally, TD Cowen decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.53.

Wolfspeed Stock Down 9.2 %

The firm has a market cap of $1.11 billion, a PE ratio of -1.42 and a beta of 1.52. The company has a 50-day simple moving average of $11.97 and a 200-day simple moving average of $20.83. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Wolfspeed (NYSE:WOLF) last issued 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 business 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 37.76% and a negative net margin of 107.93%. Analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System increased its position in shares of Wolfspeed by 0.3% during the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after acquiring an additional 500 shares during the period. Treasurer of the State of North Carolina grew its stake in Wolfspeed by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock worth $2,393,000 after purchasing an additional 540 shares in the last quarter. TFO Wealth Partners LLC grew its stake in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. Green Alpha Advisors LLC increased its holdings in Wolfspeed by 2.6% during the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock worth $771,000 after purchasing an additional 662 shares during the period. Finally, Seven Eight Capital LP raised its position in Wolfspeed by 0.5% during the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock valued at $3,716,000 after purchasing an additional 675 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.