Wolfspeed (NYSE:WOLF) Stock Price Down 7.5% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) fell 7.5% during trading on Friday . The stock traded as low as $6.95 and last traded at $6.92. 7,689,315 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 18,763,387 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WOLF. Bank of America lowered their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research note on Thursday, January 30th. Piper Sandler decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Roth Mkm decreased their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Down 10.4 %

The business’s fifty day moving average price is $6.47 and its 200 day moving average price is $9.23. The firm has a market capitalization of $856.17 million, a price-to-earnings ratio of -0.87 and a beta of 1.43. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

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

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently bought and sold shares of WOLF. Creative Planning acquired a new position in Wolfspeed in the 3rd quarter valued at $224,000. Eastern Bank purchased a new stake in shares of Wolfspeed during the 3rd quarter worth $27,000. Louisiana State Employees Retirement System boosted its position in shares of Wolfspeed by 70.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 60,800 shares of the company’s stock worth $590,000 after purchasing an additional 25,200 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Wolfspeed by 430.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 71,819 shares of the company’s stock worth $696,000 after purchasing an additional 58,282 shares in the last quarter. Finally, Semanteon Capital Management LP boosted its position in shares of Wolfspeed by 136.6% during the 3rd quarter. Semanteon Capital Management LP now owns 122,444 shares of the company’s stock worth $1,188,000 after purchasing an additional 70,699 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.