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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $27.40, but opened at $26.13. Wolfspeed shares last traded at $25.9210, with a volume of 321,878 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on WOLF shares. Weiss Ratings raised Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 24th. Susquehanna reduced their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. Finally, TD Cowen reissued a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $25.00.

Wolfspeed Stock Up 1.4%

The stock has a market capitalization of $1.41 billion and a P/E ratio of -1.69. The company has a 50 day moving average of $31.20 and a 200-day moving average of $33.40.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (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 the consensus estimate of $150.00 million. The business’s revenue was down 24.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.77) EPS.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC raised its stake in Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Wolfspeed during the 2nd quarter worth $204,000. AXQ Capital LP acquired a new position in shares of Wolfspeed in the 2nd quarter worth $208,000. Concurrent Investment Advisors LLC acquired a new stake in shares of Wolfspeed during the second quarter worth $229,000. Finally, Royal Bank of Canada purchased a new stake in shares of Wolfspeed during the first quarter valued at $89,000.

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.