Wolfspeed (NYSE:WOLF) Stock Price Down 5.7% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) traded down 5.7% on Tuesday . The company traded as low as $5.62 and last traded at $5.67. 997,317 shares traded hands during trading, a decline of 90% from the average session volume of 10,491,790 shares. The stock had previously closed at $6.01.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Susquehanna decreased their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Mizuho decreased their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Bank of America decreased their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Finally, StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Down 7.9 %

The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock has a 50 day moving average price of $5.90 and a 200 day moving average price of $8.33. The company has a market cap of $707.02 million, a P/E ratio of -0.72 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of the stock. American Trust acquired a new position in shares of Wolfspeed in the 4th quarter worth $68,000. PharVision Advisers LLC acquired a new position in shares of Wolfspeed in the 4th quarter worth $72,000. Voloridge Investment Management LLC grew its holdings in shares of Wolfspeed by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company’s stock worth $12,759,000 after acquiring an additional 12,660 shares during the last quarter. Wexford Capital LP purchased a new position in shares of Wolfspeed during the fourth quarter valued at $83,000. Finally, Raiffeisen Bank International AG purchased a new position in shares of Wolfspeed during the fourth quarter valued at $1,782,000.

Wolfspeed Company Profile

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.