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

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $69.96, but opened at $62.80. Wolfspeed shares last traded at $62.7650, with a volume of 2,380,795 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Piper Sandler restated 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. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Finally, Susquehanna cut their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Trading Down 14.1%

The stock has a market capitalization of $2.91 billion and a P/E ratio of -5.73. The firm’s fifty day moving average is $25.59 and its 200-day moving average is $21.58.

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

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed during the fourth quarter worth $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed during the third quarter worth $79,426,000. UBS Group AG raised its holdings in Wolfspeed by 3,413.9% during the 4th 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% during the 1st 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 during the period. Finally, Goldman Sachs Group Inc. lifted its position in Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 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.