Wolfspeed (NYSE:WOLF) Shares Down 8.5% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) traded down 8.5% on Monday . The company traded as low as $53.40 and last traded at $52.5110. Approximately 2,427,862 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 4,444,683 shares. The stock had previously closed at $57.41.

Analysts Set New Price Targets

Several equities analysts recently issued reports on WOLF shares. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Performance

The firm has a market capitalization of $2.84 billion and a PE ratio of -5.17. The stock’s 50-day simple moving average is $46.57 and its 200-day simple moving average is $28.30.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. The company’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.72) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WOLF. Renesas Electronics America Inc. bought a new position in shares of Wolfspeed in the 4th quarter worth approximately $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the period. Finally, UBS Group AG grew its stake in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares during the period.

Wolfspeed Company Profile

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.