Wolfspeed (NYSE:WOLF) Stock Price Down 4.3% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 4.3% on Friday . The company traded as low as $5.52 and last traded at $5.66. 3,838,542 shares were traded during mid-day trading, a decline of 79% from the average session volume of 18,079,971 shares. The stock had previously closed at $5.91.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WOLF. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Bank of America lowered their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research note on Thursday, January 30th. Susquehanna reduced their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Roth Mkm lowered their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” 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 given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Price Performance

The firm has a market capitalization of $687.72 million, a PE ratio of -0.70 and a beta of 1.43. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm has a 50-day simple moving average of $7.17 and a 200-day simple moving average of $10.11.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) 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 analysts forecast that Wolfspeed, Inc. will post -4.2 earnings per share for the current year.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson bought 36,975 shares of the company’s stock in a transaction on 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 transaction, the director now owns 85,996 shares of the company’s stock, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOLF. Jones Financial Companies Lllp increased its position in shares of Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after purchasing an additional 3,548 shares during the last quarter. Eastern Bank purchased a new position in Wolfspeed in the third quarter valued at $27,000. R Squared Ltd acquired a new stake in Wolfspeed in the fourth quarter valued at $28,000. Steward Partners Investment Advisory LLC lifted its holdings in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after acquiring an additional 2,629 shares in 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.