Wolfspeed (NYSE:WOLF) Shares Gap Down – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $59.28, but opened at $54.78. Wolfspeed shares last traded at $54.7680, with a volume of 1,573,971 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Price Performance

The stock has a market cap of $2.53 billion and a price-to-earnings ratio of -4.96. The business has a fifty day moving average of $35.88 and a 200 day moving average of $24.71.

Wolfspeed (NYSE:WOLF) last posted its earnings results 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 analyst estimates of $150.00 million. Wolfspeed’s revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Institutional investors and hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new position in shares of Wolfspeed in the 2nd quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Wolfspeed during the second quarter worth approximately $34,000. Summit Securities Group LLC grew its holdings in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the last quarter. Marex Group plc acquired a new position in Wolfspeed during the second quarter valued at approximately $44,000. Finally, Eastern Bank bought a new position in shares of Wolfspeed in the fourth quarter valued at approximately $46,000.

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.