Wolfspeed (NYSE:WOLF) Stock Price Down 3.2%

Shares of Wolfspeed, Inc. (NYSE:WOLF) dropped 3.2% during trading on Thursday . The stock traded as low as $7.83 and last traded at $7.89. Approximately 649,361 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 5,104,821 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Piper Sandler lowered their price objective on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. Finally, TD Cowen reduced their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average price target of $24.53.

Wolfspeed Price Performance

The business’s 50 day moving average is $15.87 and its two-hundred day moving average is $22.56. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The firm has a market capitalization of $1.05 billion, a PE ratio of -1.26 and a beta of 1.53.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its holdings in Wolfspeed by 17.7% during the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock worth $1,174,000 after acquiring an additional 4,052 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Wolfspeed by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 809,600 shares of the company’s stock worth $35,226,000 after acquiring an additional 34,865 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Wolfspeed by 13.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 665,817 shares of the company’s stock valued at $28,976,000 after acquiring an additional 78,071 shares during the last quarter. Avantax Advisory Services Inc. bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $201,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Wolfspeed in the fourth quarter worth $504,000.

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.