Wolfspeed (NYSE:WOLF) Stock Price Down 7.5% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 7.5% during trading on Friday . The stock traded as low as $6.95 and last traded at $6.92. 7,689,315 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 18,763,387 shares. The stock had previously closed at $7.48.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Canaccord Genuity Group dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Susquehanna dropped their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Piper Sandler decreased their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Finally, Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Down 9.0 %

The company has a fifty day simple moving average of $6.44 and a 200-day simple moving average of $9.13. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market cap of $869.07 million, a P/E ratio of -0.89 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

Several hedge funds have recently bought and sold shares of WOLF. Jones Financial Companies Lllp grew its holdings in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after purchasing an additional 3,548 shares during the period. Eastern Bank bought a new position in shares of Wolfspeed in the third quarter worth about $27,000. R Squared Ltd bought a new position in shares of Wolfspeed in the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the period. Finally, KBC Group NV boosted its stake in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after acquiring an additional 2,629 shares during the period.

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.