Wolfspeed (NYSE:WOLF) Trading Down 5.2%

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 5.2% during mid-day trading on Thursday . The company traded as low as $23.91 and last traded at $23.94. 2,617,791 shares changed hands during trading, a decline of 43% from the average session volume of 4,590,090 shares. The stock had previously closed at $25.24.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Mizuho initiated coverage on shares of Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Susquehanna reaffirmed a “neutral” rating and issued a $35.00 target price on shares of Wolfspeed in a research report on Monday, April 8th. Finally, Piper Sandler reduced their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $43.63.

Wolfspeed Stock Performance

The business’s fifty day moving average price is $27.16 and its 200-day moving average price is $32.79. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock has a market cap of $2.98 billion, a PE ratio of -3.91 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The firm had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. As a group, equities research analysts forecast that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were bought at an average price of $25.80 per share, with a total value of $258,000.00. Following the completion of the acquisition, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the stock. TFO Wealth Partners LLC raised its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after buying an additional 574 shares during the last quarter. First Manhattan CO. LLC. bought a new stake in shares of Wolfspeed during the first quarter valued at approximately $39,000. Aspire Private Capital LLC raised its position in shares of Wolfspeed by 50.0% during the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock valued at $41,424,000,000 after buying an additional 200 shares during the last quarter. Penserra Capital Management LLC bought a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $43,000. Finally, Independence Bank of Kentucky raised its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after buying an additional 350 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.