Wolfspeed (NYSE:WOLF) Trading Down 8.3% – Here’s What Happened

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 8.3% on Thursday . The company traded as low as $31.96 and last traded at $32.17. Approximately 794,769 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 4,439,021 shares. The stock had previously closed at $35.10.

Analyst Ratings Changes

WOLF has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Down 11.6%

The business has a fifty day moving average of $51.52 and a 200 day moving average of $31.05. The firm has a market cap of $1.61 billion and a P/E ratio of -2.92.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. During the same period in the previous year, the business earned ($0.72) earnings per share. The business’s quarterly revenue was down 19.0% on a year-over-year basis.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Summit Securities Group LLC increased its holdings in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the last quarter. Eastern Bank bought a new stake in shares of Wolfspeed during the 4th quarter worth about $46,000. FNY Investment Advisers LLC bought a new stake in shares of Wolfspeed during the 2nd quarter worth about $204,000. Royal Bank of Canada acquired a new position in Wolfspeed in the 1st quarter valued at about $89,000. Finally, Next Level Private LLC bought a new position in Wolfspeed in the 2nd quarter valued at about $434,000.

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.