Wolfspeed (NYSE:WOLF) Stock Price Down 7% - Should You Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) dropped 7% on Tuesday . The company traded as low as $5.14 and last traded at $5.02. Approximately 2,614,016 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 10,191,298 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

WOLF has been the subject of a number of analyst reports. StockNews.com upgraded Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Canaccord Genuity Group decreased their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. Piper Sandler decreased their price target on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $14.86.

Remove Ads

Wolfspeed Stock Performance

The firm has a market capitalization of $754.15 million, a price-to-earnings ratio of -0.77 and a beta of 1.50. The company has a fifty day moving average of $5.95 and a two-hundred day moving average of $8.45. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

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

Institutional Trading of Wolfspeed

Hedge funds have recently added to or reduced their stakes in the company. 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 valued at $26,000 after acquiring an additional 3,548 shares in the last quarter. R Squared Ltd acquired a new position in Wolfspeed in the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC raised its holdings in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after acquiring an additional 2,912 shares in the last quarter. KBC Group NV raised its holdings in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after acquiring an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Wolfspeed by 38.1% in 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 in the last quarter.

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.