Wolfspeed (NYSE:WOLF) Stock Price Down 7.4% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) dropped 7.4% during trading on Friday . The stock traded as low as $40.01 and last traded at $42.1920. Approximately 1,130,230 shares traded hands during trading, a decline of 74% from the average daily volume of 4,283,692 shares. The stock had previously closed at $45.54.

Analyst Upgrades and Downgrades

WOLF has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Trading Down 5.3%

The firm has a market cap of $2.24 billion and a price-to-earnings ratio of -4.07. The firm has a 50 day moving average price of $42.74 and a 200-day moving average price of $27.05.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The company’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.72) EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the 4th quarter worth $293,400,000. Capital Research Global Investors acquired a new position in shares of Wolfspeed during the 3rd quarter worth $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% during 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 worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares during the last quarter. Finally, UBS Group AG raised its stake in Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares during the last quarter.

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.