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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped down prior to trading on Monday . The stock had previously closed at $5.95, but opened at $5.64. Wolfspeed shares last traded at $5.53, with a volume of 2,687,732 shares.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on WOLF shares. Canaccord Genuity Group dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group lowered their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Down 9.5 %

The company has a market cap of $687.35 million, a PE ratio of -0.70 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The company has a fifty day moving average price of $6.06 and a 200 day moving average price of $8.61.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) 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, analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently made changes to their positions in the company. New York State Teachers Retirement System grew its stake in Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after acquiring an additional 1,885 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after buying an additional 1,949 shares during the period. Sterling Capital Management LLC lifted its holdings in Wolfspeed by 51.4% during the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after buying an additional 2,533 shares during the period. Ground Swell Capital LLC grew its position in shares of Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock worth $85,000 after buying an additional 2,611 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 shares during the last quarter.

Wolfspeed Company Profile

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.