Wolfspeed (NYSE:WOLF) Stock Price Down 7.3% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) traded down 7.3% on Thursday . The company traded as low as $25.32 and last traded at $25.2920. 269,047 shares changed hands during trading, a decline of 94% from the average session volume of 4,347,300 shares. The stock had previously closed at $27.28.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of recent research reports. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. Weiss Ratings upgraded Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Susquehanna dropped their price target on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, TD Cowen restated a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Down 6.5%

The stock has a market capitalization of $1.35 billion and a P/E ratio of -1.62. The business has a fifty day moving average price of $29.38 and a 200-day moving average price of $33.72.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $150.00 million. Wolfspeed’s quarterly revenue was down 24.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.77) EPS.

Institutional Trading of Wolfspeed

A number of hedge funds have recently bought and sold shares of WOLF. Renesas Electronics America Inc. bought a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $813,126,949. California State Teachers Retirement System purchased a new stake in Wolfspeed in the 2nd quarter worth $72,081,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 acquiring an additional 906,968 shares during the period. Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 881,603 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Wolfspeed in the fourth quarter valued at about $12,187,000.

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.