Wolfspeed (NYSE:WOLF) Shares Down 10.1% - Here's Why

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) fell 10.1% on Monday . The company traded as low as $5.31 and last traded at $5.20. 16,857,910 shares were traded during trading, a decline of 16% from the average session volume of 20,133,883 shares. The stock had previously closed at $5.78.

Analyst Upgrades and Downgrades

Several equities research analysts have commented 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. Susquehanna dropped their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. The Goldman Sachs Group reduced their price objective on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $14.86.

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Wolfspeed Stock Performance

The business has a 50-day moving average of $6.09 and a 200 day moving average of $8.72. 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 market cap of $759.25 million, a PE ratio of -0.77 and a beta of 1.50.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp raised its holdings in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares during the period. R Squared Ltd purchased a new stake in Wolfspeed in the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC raised its stake in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after buying an additional 2,912 shares during the period. KBC Group NV lifted its position 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 buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after acquiring an additional 1,949 shares during the period.

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.