Wolfspeed (NYSE:WOLF) Shares Gap Down Following Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) gapped down prior to trading on Tuesday after Mizuho lowered their price target on the stock from $10.00 to $6.00. The stock had previously closed at $7.02, but opened at $6.75. Mizuho currently has an underperform rating on the stock. Wolfspeed shares last traded at $6.72, with a volume of 1,479,146 shares changing hands.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Roth Mkm decreased their price objective on Wolfspeed from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $22.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, TD Cowen dropped their price target on shares of Wolfspeed from $25.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of "Hold" and a consensus target price of $17.21.

Institutional Trading of Wolfspeed

A number of hedge funds have recently made changes to their positions in the company. Iridian Asset Management LLC CT lifted its stake in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company's stock worth $5,055,000 after acquiring an additional 397,057 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Wolfspeed by 292,375.0% in the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company's stock valued at $2,070,000 after purchasing an additional 70,170 shares in the last quarter. Rheos Capital Works Inc. boosted its stake in shares of Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company's stock valued at $4,147,000 after buying an additional 250,000 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company's stock worth $385,832,000 after buying an additional 449,732 shares during the last quarter. Finally, Boston Partners bought a new stake in shares of Wolfspeed in the first quarter worth $1,621,000.

Wolfspeed Stock Down 8.2 %

The stock has a market capitalization of $823.11 million, a price-to-earnings ratio of -1.08 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The firm's fifty day moving average is $10.77 and its 200-day moving average is $17.09.

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

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.