Wolfspeed (NYSE:WOLF) Shares Down 9.1% – Here’s Why

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 9.1% during mid-day trading on Monday. The company traded as low as $28.08 and last traded at $27.8330. 957,415 shares were traded during trading, a decline of 78% from the average daily volume of 4,297,762 shares. The stock had previously closed at $30.61.

Analysts Set New Price Targets

Several equities analysts have weighed in on WOLF shares. Susquehanna dropped their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Wall Street Zen lowered shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 19th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Weiss Ratings upgraded Wolfspeed from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Finally, TD Cowen reiterated a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Stock Up 2.5%

The stock has a 50 day moving average of $28.22 and a 200 day moving average of $35.36. The firm has a market capitalization of $1.52 billion and a price-to-earnings ratio of -1.82.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.19. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.00 million. During the same period in the prior year, the firm earned ($0.77) EPS. The business’s revenue for the quarter was down 24.1% compared to the same quarter last year. Analysts predict that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Renesas Electronics America Inc. acquired a new stake in shares of Wolfspeed in the second quarter worth $813,126,949. First Trust Advisors LP lifted its holdings in Wolfspeed by 60.6% in the 1st quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock worth $1,614,000 after purchasing an additional 37,313 shares during the last quarter. Readystate Asset Management LP acquired a new position in Wolfspeed during the second quarter valued at approximately $6,841,000. Lazard Asset Management LLC acquired a new stake in shares of Wolfspeed in the first quarter worth $1,796,000. Finally, Ratan Capital Management LP bought a new position in Wolfspeed in the 2nd quarter worth $2,467,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE:WOLF) develops and manufactures semiconductor technologies based primarily on silicon carbide, a wide-bandgap material designed to support efficient power conversion and high-temperature operation. Its products are used in applications where reduced energy loss, higher power density and improved thermal performance are important.

The company’s offerings include silicon carbide wafers and materials, power modules, metal-oxide-semiconductor field-effect transistors (MOSFETs), diodes and other power semiconductor devices.