Wolfspeed (NYSE:WOLF) Shares Down 5.8% on Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 5.8% during trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $30.00 to $25.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Wolfspeed traded as low as $24.42 and last traded at $24.44. 1,442,213 shares changed hands during trading, a decline of 71% from the average session volume of 4,890,816 shares. The stock had previously closed at $25.94.

Other equities analysts also recently issued research reports about the company. Citigroup lowered their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. TD Cowen downgraded Wolfspeed from a “buy” rating to a “hold” rating and lowered their price target for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. Susquehanna cut their price objective on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Canaccord Genuity Group cut their price target on Wolfspeed from $50.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Finally, William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.93.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its position in shares of Wolfspeed by 27.0% in the third quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock worth $1,501,000 after purchasing an additional 8,374 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Wolfspeed by 1.6% in the 3rd quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock valued at $6,929,000 after acquiring an additional 2,943 shares in the last quarter. Perigon Wealth Management LLC increased its position in shares of Wolfspeed by 34.2% in the third quarter. Perigon Wealth Management LLC now owns 6,194 shares of the company’s stock valued at $236,000 after acquiring an additional 1,579 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Wolfspeed by 7.6% during the third quarter. China Universal Asset Management Co. Ltd. now owns 28,353 shares of the company’s stock worth $1,080,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in Wolfspeed during the third quarter valued at approximately $494,000.

Wolfspeed Stock Performance

The stock has a market capitalization of $3.05 billion, a P/E ratio of -3.76 and a beta of 1.64. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The stock has a 50 day simple moving average of $26.59 and a two-hundred day simple moving average of $31.90.

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.