Wolfspeed (NYSE:WOLF) Trading Down 7.6% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price traded down 7.6% on Monday . The company traded as low as $30.73 and last traded at $30.3880. 1,344,330 shares changed hands during trading, a decline of 70% from the average daily volume of 4,458,134 shares. The stock had previously closed at $32.87.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Susquehanna lowered their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Wall Street Zen lowered Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Price Performance

The company’s 50 day moving average is $39.75 and its two-hundred day moving average is $31.97. The firm has a market cap of $1.57 billion and a P/E ratio of -2.86.

Institutional Trading of Wolfspeed

Several institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Wolfspeed during the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Wolfspeed during the second quarter worth $34,000. Summit Securities Group LLC boosted its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares in the last quarter. Marex Group plc bought a new stake in Wolfspeed in the 2nd quarter valued at $44,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Wolfspeed in the 2nd quarter valued at $47,000.

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.