Wolfspeed (NYSE:WOLF) Shares Down 9% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price was down 9% during mid-day trading on Wednesday . The stock traded as low as $28.89 and last traded at $28.6250. 906,640 shares changed hands during trading, a decline of 79% from the average daily volume of 4,422,336 shares. The stock had previously closed at $31.46.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Susquehanna dropped their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Finally, Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Trading Down 9.8%

The stock has a market capitalization of $1.47 billion and a PE ratio of -2.68. The firm has a 50 day moving average of $36.12 and a two-hundred day moving average of $32.61.

Institutional Trading of Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. Renesas Electronics America Inc. acquired a new stake in shares of Wolfspeed during the 2nd quarter worth about $813,126,949,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Wolfspeed by 94.3% in 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 buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares during the last quarter. UBS Group AG lifted its stake in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares during the period. Finally, Calamos Advisors LLC acquired a new stake in Wolfspeed during the fourth quarter worth approximately $12,451,000.

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.