Wolfspeed (NYSE:WOLF) Stock Price Down 5.1%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 5.1% on Friday . The company traded as low as $8.25 and last traded at $8.36. 862,484 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 5,242,761 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Mizuho lowered their price target on shares of Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Susquehanna lowered their price target on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Finally, Piper Sandler lowered their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $24.53.

Wolfspeed Stock Down 8.1 %

The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The company has a market capitalization of $1.02 billion, a PE ratio of -1.25 and a beta of 1.52. The business’s 50-day simple moving average is $13.67 and its 200-day simple moving average is $21.68.

Wolfspeed (NYSE:WOLF) last posted 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). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. As a group, equities research analysts anticipate that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently bought and sold shares of WOLF. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after purchasing an additional 147,527 shares in the last quarter. Finally, Samlyn Capital LLC increased its holdings in shares of Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 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.