Wolfspeed (NYSE:WOLF) Stock Price Down 8.3% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) fell 8.3% during mid-day trading on Thursday . The stock traded as low as $31.96 and last traded at $32.17. 794,769 shares changed hands during trading, a decline of 82% from the average session volume of 4,439,021 shares. The stock had previously closed at $35.10.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Price Performance

The firm’s 50 day moving average is $50.91 and its 200 day moving average is $31.13. The company has a market capitalization of $1.56 billion and a PE ratio of -2.84.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results 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 firm had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the previous year, the company earned ($0.72) EPS. The company’s quarterly revenue was down 19.0% on a year-over-year basis.

Institutional Trading of Wolfspeed

Large investors have recently modified their holdings of the business. Canada Pension Plan Investment Board bought a new position in Wolfspeed during the 2nd quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $34,000. Summit Securities Group LLC increased its stake in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the period. Marex Group plc purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $44,000. Finally, Eastern Bank bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $46,000.

About Wolfspeed

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.