Wolfspeed (NYSE:WOLF) Shares Down 5.7%

Wolfspeed, Inc. (NYSE:WOLF) shares fell 5.7% on Friday . The stock traded as low as $21.30 and last traded at $21.30. 1,051,983 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,215,749 shares. The stock had previously closed at $22.59.

Analysts Set New Price Targets

Several brokerages recently weighed in on WOLF. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Mizuho lifted their target price on Wolfspeed from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Roth Mkm reaffirmed a “buy” rating and set a $50.00 target price on shares of Wolfspeed in a report on Tuesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.43.

Wolfspeed Trading Down 6.9 %

The stock has a market cap of $2.65 billion, a P/E ratio of -3.32 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The stock has a 50-day moving average price of $25.34 and a 200-day moving average price of $27.70.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. On average, equities research analysts expect that Wolfspeed, Inc. will post -3.21 EPS for the current year.

Insider Buying and Selling

In other news, Director Marvin Riley bought 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Norges Bank bought a new stake in Wolfspeed in the fourth quarter valued at approximately $308,701,000. FengHe Fund Management Pte. Ltd. lifted its position in Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after purchasing an additional 1,165,600 shares during the last quarter. Cibc World Markets Corp bought a new stake in Wolfspeed in the fourth quarter valued at approximately $34,808,000. Vanguard Group Inc. lifted its position in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after purchasing an additional 352,609 shares during 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.