Wolfspeed (NYSE:WOLF) Shares Down 7% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 7% on Tuesday . The company traded as low as $5.14 and last traded at $5.02. 2,614,016 shares were traded during mid-day trading, a decline of 74% from the average session volume of 10,191,298 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Down 0.5 %

The firm has a 50-day moving average of $6.06 and a two-hundred day moving average of $8.61. The stock has a market capitalization of $685.18 million, a price-to-earnings ratio of -0.70 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, sell-side analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning acquired a new stake in Wolfspeed during the third quarter valued at $224,000. US Bancorp DE raised its stake in shares of Wolfspeed by 225.9% during the 3rd quarter. US Bancorp DE now owns 11,343 shares of the company’s stock worth $110,000 after purchasing an additional 7,863 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after buying an additional 2,885 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares in the last quarter. Finally, GSA Capital Partners LLP increased its holdings in Wolfspeed by 230.0% in the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company’s stock worth $572,000 after buying an additional 41,114 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.