Wolfspeed (NYSE:WOLF) Stock Price Down 11.6% – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 11.6% on Tuesday . The company traded as low as $35.16 and last traded at $34.9040. Approximately 1,095,211 shares traded hands during trading, a decline of 76% from the average daily volume of 4,498,897 shares. The stock had previously closed at $39.47.

Analysts Set New Price Targets

WOLF has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Down 10.9%

The company has a market cap of $1.83 billion and a PE ratio of -3.36. The business’s fifty day moving average is $51.00 and its 200-day moving average is $30.20.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data 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 the consensus estimate of $150.00 million. The firm’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period last year, the business earned ($0.72) EPS.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 worth $5,718,000 after buying an additional 906,968 shares during the last quarter. WINTON GROUP Ltd purchased a new position in Wolfspeed during the second quarter worth $47,000. Ilex Capital Partners UK LLP grew its holdings in Wolfspeed by 499.1% during the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock valued at $265,000 after purchasing an additional 554,587 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Wolfspeed in the 2nd quarter worth about $34,000.

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.