Wolfspeed (NYSE:WOLF) Trading Down 7.5% - Here's Why

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) traded down 7.5% during trading on Thursday . The company traded as low as $5.56 and last traded at $5.41. 16,681,225 shares traded hands during trading, a decline of 16% from the average session volume of 19,965,092 shares. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WOLF shares. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Piper Sandler dropped their price objective on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group reduced their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday. Susquehanna dropped 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. Finally, StockNews.com raised Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Wolfspeed currently has an average rating of "Hold" and an average price target of $14.36.

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Wolfspeed Stock Performance

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 stock has a 50-day moving average price of $5.69 and a 200-day moving average price of $8.05. The firm has a market capitalization of $358.87 million, a PE ratio of -0.37 and a beta of 1.50.

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

Hedge Funds Weigh In On Wolfspeed

Large investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after buying an additional 3,548 shares in the last quarter. R Squared Ltd acquired a new stake in Wolfspeed during the 4th quarter worth about $28,000. Steward Partners Investment Advisory LLC increased its stake 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 buying an additional 2,912 shares during the period. KBC Group NV lifted its position in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP boosted 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 buying 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.