Wolfspeed (NYSE:WOLF) Shares Down 4.9% - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price traded down 4.9% during trading on Monday . The stock traded as low as $15.17 and last traded at $15.23. 1,269,581 shares changed hands during trading, a decline of 80% from the average session volume of 6,267,485 shares. The stock had previously closed at $16.01.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Susquehanna lowered their price objective on Wolfspeed from $23.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, August 22nd. Mizuho lowered Wolfspeed from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Piper Sandler lowered their price objective on Wolfspeed from $35.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, August 22nd. TD Cowen lowered their price objective on Wolfspeed from $25.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, August 22nd. Finally, Canaccord Genuity Group lowered their price objective on Wolfspeed from $45.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $22.43.

Wolfspeed Stock Down 3.9 %

The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm has a market cap of $1.94 billion, a P/E ratio of -2.37 and a beta of 1.52. The company's 50 day simple moving average is $10.48 and its 200-day simple moving average is $19.24.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results 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 company had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. Research analysts forecast that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. increased its position in shares of Wolfspeed by 385.5% during the 2nd 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 last quarter. GAMMA Investing LLC increased 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 purchasing an additional 3,664 shares during the last quarter. Signaturefd LLC increased its position in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock valued at $48,000 after purchasing an additional 1,544 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock valued at $52,000 after purchasing an additional 691 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Wolfspeed during the 2nd quarter valued at about $75,000.

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.