Wolfspeed (NYSE:WOLF) Stock Price Down 3.3% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF) was down 3.3% during mid-day trading on Tuesday . The stock traded as low as $17.45 and last traded at $17.73. Approximately 214,773 shares traded hands during trading, a decline of 87% from the average daily volume of 1,680,216 shares. The stock had previously closed at $18.34.

Wall Street Analysts Forecast Growth

A number of research firms have commented on WOLF. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Susquehanna reduced their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Piper Sandler reissued an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $12.75.

Wolfspeed Price Performance

The firm’s fifty day moving average is $18.38 and its two-hundred day moving average is $18.10. The firm has a market cap of $819.96 million and a price-to-earnings ratio of -2.59.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.95) earnings per share. On average, equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WOLF. Goldman Sachs Group Inc. boosted its holdings in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after acquiring an additional 906,968 shares in the last quarter. XTX Topco Ltd lifted its holdings in Wolfspeed by 4,954.1% in the 2nd quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock worth $392,000 after purchasing an additional 963,325 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Wolfspeed by 709.4% during the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after purchasing an additional 99,740 shares during the period. Finally, Two Seas Capital LP acquired a new stake in shares of Wolfspeed in the second quarter worth $962,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.