Wolfspeed (NYSE:WOLF) Trading Down 10.3% – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were down 10.3% during trading on Friday . The company traded as low as $57.52 and last traded at $60.1360. Approximately 1,331,850 shares were traded during trading, a decline of 68% from the average daily volume of 4,141,338 shares. The stock had previously closed at $67.06.

Analysts Set New Price Targets

WOLF has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Performance

The company’s fifty day simple moving average is $39.40 and its two-hundred day simple moving average is $25.91. The stock has a market capitalization of $2.75 billion and a PE ratio of -5.43.

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

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada purchased a new stake in shares of Wolfspeed in the first quarter valued at $89,000. Lazard Asset Management LLC purchased a new stake in Wolfspeed during the 1st quarter worth about $1,796,000. Sei Investments Co. acquired a new position in Wolfspeed in the 1st quarter valued at about $494,000. 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 valued at $1,614,000 after purchasing an additional 37,313 shares in the last quarter. Finally, Shah Capital Management lifted its holdings in Wolfspeed by 1,419.5% in the 1st quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after purchasing an additional 475,454 shares in the last quarter.

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.