Wolfspeed (NYSE:WOLF) Stock Price Down 5.7% - Here's What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) were down 5.7% on Tuesday . The company traded as low as $5.62 and last traded at $5.67. Approximately 997,317 shares traded hands during trading, a decline of 90% from the average daily volume of 10,491,790 shares. The stock had previously closed at $6.01.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on WOLF shares. The Goldman Sachs Group lowered their price objective on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. StockNews.com raised Wolfspeed to a "sell" rating in a report on Monday, January 6th. Piper Sandler lowered their price target on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, January 30th. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $14.86.

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Wolfspeed Stock Up 9.7 %

The firm has a market capitalization of $803.95 million, a PE ratio of -0.82 and a beta of 1.50. The company has a fifty day moving average price of $5.88 and a 200-day moving average price of $8.23. 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 issued 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 return on equity of 70.84% and a negative net margin of 125.96%. As a group, analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Trading of Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Trust bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $68,000. PharVision Advisers LLC purchased a new position in Wolfspeed during the 4th quarter valued at $72,000. Voloridge Investment Management LLC grew its position in Wolfspeed by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock valued at $12,759,000 after acquiring an additional 12,660 shares during the last quarter. Wexford Capital LP purchased a new stake in Wolfspeed in the fourth quarter worth $83,000. Finally, Raiffeisen Bank International AG bought a new stake in shares of Wolfspeed during the fourth quarter worth $1,782,000.

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.