Wolfspeed (NYSE:WOLF) Reaches New 1-Year Low - Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $7.28 and last traded at $7.30, with a volume of 2234669 shares changing hands. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research analyst reports. Bank of America dropped their price target on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating on the stock in a research report on Friday, August 23rd. Mizuho cut shares of Wolfspeed from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. New Street Research lowered shares of Wolfspeed from a "buy" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research note on Wednesday, August 7th. TD Cowen reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday, August 22nd. Finally, Canaccord Genuity Group lowered their target price on Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $17.36.

Wolfspeed Stock Down 6.4 %

The firm has a 50-day moving average of $10.84 and a two-hundred day moving average of $17.61. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The company had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, research analysts expect that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently modified their holdings of the company. Cinctive Capital Management LP bought a new position in Wolfspeed during the third quarter worth about $367,000. Erste Asset Management GmbH bought a new position in Wolfspeed in the 3rd quarter worth about $4,542,000. Public Sector Pension Investment Board bought a new stake in Wolfspeed during the third quarter valued at approximately $2,590,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Wolfspeed by 9.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 146,014 shares of the company's stock worth $1,416,000 after purchasing an additional 12,839 shares in the last quarter. Finally, Quantbot Technologies LP increased its position in shares of Wolfspeed by 982.9% during the 3rd quarter. Quantbot Technologies LP now owns 26,359 shares of the company's stock valued at $256,000 after purchasing an additional 23,925 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.

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