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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $15.39, but opened at $15.03. Wolfspeed shares last traded at $15.01, with a volume of 1,387,822 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Bank of America decreased their target price on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating for the company in a research note on Friday, August 23rd. Piper Sandler lowered their target price on shares of Wolfspeed from $35.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, August 22nd. Morgan Stanley lifted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a "hold" rating for the company in a research note on Thursday, August 22nd. Finally, Oppenheimer reiterated a "market perform" rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $22.43.

Wolfspeed Stock Performance

The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The stock has a fifty day moving average price of $10.55 and a 200-day moving average price of $19.16. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -2.47 and a beta of 1.52.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. On average, analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Large investors have recently modified their holdings of the business. Mather Group LLC. lifted its stake in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company's stock valued at $27,000 after purchasing an additional 933 shares during the period. Eastern Bank acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $27,000. GAMMA Investing LLC lifted its position in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after acquiring an additional 3,664 shares during the period. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after acquiring an additional 1,544 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock worth $52,000 after acquiring an additional 691 shares during the period.

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.