Wolfspeed (NYSE:WOLF) Shares Down 7.5% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price dropped 7.5% during trading on Thursday . The stock traded as low as $5.56 and last traded at $5.41. Approximately 16,681,225 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 19,965,092 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group reduced their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Piper Sandler reduced their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Canaccord Genuity Group cut their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Performance

The stock has a market cap of $687.35 million, a P/E ratio of -0.70 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The business’s 50-day moving average price is $5.92 and its 200-day moving average price is $8.17.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its position in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after acquiring an additional 3,548 shares in the last quarter. R Squared Ltd purchased a new stake in Wolfspeed during the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC raised its position in shares of Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares during the last quarter. KBC Group NV lifted its holdings 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 buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after acquiring an additional 1,949 shares in the last quarter.

Wolfspeed Company Profile

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.