Wolfspeed (NYSE:WOLF) Shares Down 7.6% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 7.6% during mid-day trading on Friday . The company traded as low as $15.72 and last traded at $15.5360. 378,129 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,650,901 shares. The stock had previously closed at $16.82.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Susquehanna reduced their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Piper Sandler restated an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Trading Down 8.3%

The stock has a market capitalization of $695.42 million and a price-to-earnings ratio of -2.19. The business has a 50 day simple moving average of $17.93 and a 200-day simple moving average of $18.96.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.95) EPS. Research analysts predict that Wolfspeed, Inc. will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of the stock. Summit Securities Group LLC boosted its holdings in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the last quarter. Andar Capital Management HK Ltd acquired a new stake in shares of Wolfspeed during the 3rd quarter worth $48,000. Capital Investment Advisory Services LLC increased its holdings in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after buying an additional 1,783 shares during the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed in the 4th quarter worth $46,000. Finally, Cinctive Capital Management LP purchased a new position in shares of Wolfspeed in the 4th quarter worth $176,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.