Wolfspeed (NYSE:WOLF) Trading Down 5.2%

Wolfspeed, Inc. (NYSE:WOLF)’s share price fell 5.2% on Thursday . The company traded as low as $23.91 and last traded at $23.94. 2,617,791 shares traded hands during trading, a decline of 43% from the average session volume of 4,590,090 shares. The stock had previously closed at $25.24.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WOLF. Susquehanna reaffirmed a “neutral” rating and set a $35.00 price target on shares of Wolfspeed in a report on Monday, April 8th. Mizuho began coverage on shares of Wolfspeed in a report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Finally, Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $43.63.

Wolfspeed Stock Performance

The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The company’s 50-day simple moving average is $27.16 and its 200-day simple moving average is $32.79. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of -3.91 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. On average, analysts expect that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was bought at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. grew its holdings in Wolfspeed by 34.7% in the first quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock worth $80,000 after purchasing an additional 702 shares during the period. Doliver Advisors LP grew its holdings in Wolfspeed by 11.4% in the first quarter. Doliver Advisors LP now owns 15,320 shares of the company’s stock worth $452,000 after purchasing an additional 1,563 shares during the period. Perpetual Ltd grew its holdings in Wolfspeed by 52.1% in the first quarter. Perpetual Ltd now owns 35,043 shares of the company’s stock worth $1,002,000 after purchasing an additional 12,000 shares during the period. Green Alpha Advisors LLC grew its holdings in Wolfspeed by 2.6% in the first 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, CWM LLC lifted its stake in shares of Wolfspeed by 33.3% in the first quarter. CWM LLC now owns 89,808 shares of the company’s stock valued at $2,649,000 after buying an additional 22,450 shares in 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.