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

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $17.76, but opened at $17.08. Wolfspeed shares last traded at $17.5350, with a volume of 330,687 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on WOLF shares. Susquehanna lowered their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Piper Sandler reissued an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $12.75.

Wolfspeed Stock Down 0.2%

The business has a fifty day simple moving average of $18.42 and a two-hundred day simple moving average of $17.53. The company has a market capitalization of $798.99 million and a price-to-earnings ratio of -2.52.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period in the previous year, the company earned ($0.95) EPS. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, equities analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Trading of Wolfspeed

A number of large investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new stake in Wolfspeed during the 2nd quarter worth approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed in the second quarter valued at about $34,000. Summit Securities Group LLC boosted its position in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares during the period. Marex Group plc bought a new position in shares of Wolfspeed during the second quarter worth about $44,000. Finally, Panagora Asset Management Inc. raised its position in Wolfspeed by 709.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after buying an additional 99,740 shares during the last quarter.

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.