Wolfspeed (NYSE:WOLF) Stock Price Down 4.3% - Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) shares dropped 4.3% during trading on Friday . The stock traded as low as $5.52 and last traded at $5.66. Approximately 3,838,542 shares were traded during trading, a decline of 79% from the average daily volume of 18,079,971 shares. The stock had previously closed at $5.91.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WOLF. Morgan Stanley increased their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Susquehanna cut their target price 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. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a report on Monday, January 6th. Finally, Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Three equities research 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, the company currently has a consensus rating of "Hold" and a consensus price target of $14.86.

Wolfspeed Stock Down 5.8 %

The firm's 50-day moving average price is $6.98 and its two-hundred day moving average price is $9.76. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $651.96 million, a PE ratio of -0.66 and a beta of 1.43.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (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%. As a group, equities research analysts expect that Wolfspeed, Inc. will post -4.15 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other news, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenda Dorchak purchased 3,592 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the acquisition, the director now directly owns 18,688 shares of the company's stock, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently modified their holdings of WOLF. Sanctuary Advisors LLC acquired a new position in Wolfspeed during the second quarter worth $220,000. SG Americas Securities LLC grew its stake in shares of Wolfspeed by 231.8% during the 3rd quarter. SG Americas Securities LLC now owns 58,749 shares of the company's stock worth $570,000 after purchasing an additional 41,041 shares during the period. GAMMA Investing LLC increased its holdings in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after purchasing an additional 3,664 shares in the last quarter. Inspire Investing LLC lifted its stake in shares of Wolfspeed by 178.3% in the third quarter. Inspire Investing LLC now owns 42,906 shares of the company's stock valued at $416,000 after purchasing an additional 27,487 shares during the period. Finally, Creative Planning acquired a new position in Wolfspeed during the third quarter worth about $224,000.

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.