Wolfspeed (NYSE:WOLF) Trading Down 7.4% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) shares were down 7.4% during trading on Friday . The stock traded as low as $40.01 and last traded at $42.1920. Approximately 1,130,230 shares were traded during trading, a decline of 74% from the average daily volume of 4,283,692 shares. The stock had previously closed at $45.54.

Analyst Upgrades and Downgrades

Several analysts have recently commented on WOLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Price Performance

The stock has a market capitalization of $2.23 billion and a P/E ratio of -4.06. The business’s 50 day simple moving average is $43.27 and its 200-day simple moving average is $27.16.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same period in the previous year, the business posted ($0.72) earnings per share. Wolfspeed’s revenue was down 19.0% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Royal Bank of Canada acquired a new stake in Wolfspeed in the first quarter worth $89,000. Lazard Asset Management LLC acquired a new stake in Wolfspeed in the first quarter worth $1,796,000. Sei Investments Co. acquired a new stake in Wolfspeed in the first quarter worth $494,000. First Trust Advisors LP raised its holdings in Wolfspeed by 60.6% in the first quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock worth $1,614,000 after purchasing an additional 37,313 shares during the period. Finally, Shah Capital Management raised its holdings in Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock worth $8,306,000 after purchasing an additional 475,454 shares during the period.

About Wolfspeed

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.