Wolfspeed (NYSE:WOLF) Shares Gap Down – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) shares gapped down before the market opened on Tuesday . The stock had previously closed at $52.97, but opened at $47.40. Wolfspeed shares last traded at $51.9640, with a volume of 1,463,285 shares.

Analyst Ratings Changes

Several research firms recently issued reports on WOLF. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Price Performance

The firm has a market capitalization of $2.61 billion and a price-to-earnings ratio of -4.82. The business’s fifty day simple moving average is $47.14 and its 200 day simple moving average is $28.52.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. Wolfspeed’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.72) EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new position in Wolfspeed in the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Wolfspeed during the 2nd quarter worth approximately $34,000. Summit Securities Group LLC increased its holdings in Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Marex Group plc purchased a new stake in shares of Wolfspeed in the second quarter worth approximately $44,000. Finally, Eastern Bank purchased a new stake in shares of Wolfspeed in the fourth quarter worth approximately $46,000.

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.