Wolfspeed (NYSE:WOLF) Stock Price Down 7.6% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 7.6% during mid-day trading on Monday . The company traded as low as $30.73 and last traded at $30.3880. Approximately 1,344,330 shares traded hands during trading, a decline of 70% from the average session volume of 4,458,134 shares. The stock had previously closed at $32.87.

Analysts Set New Price Targets

WOLF has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Finally, Susquehanna dropped their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Trading Up 3.2%

The business has a 50 day moving average of $38.66 and a two-hundred day moving average of $32.11. The firm has a market cap of $1.57 billion and a P/E ratio of -2.86.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Renesas Electronics America Inc. bought a new stake in Wolfspeed in the 2nd quarter valued at about $813,126,949,000. UBS Group AG increased its position in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after acquiring an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Wolfspeed by 94.3% during the first 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 acquiring an additional 906,968 shares during the period. Goldman Sachs Group Inc. boosted its position 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 during the last quarter. Finally, Calamos Advisors LLC bought a new position in Wolfspeed in the 4th quarter valued at $12,451,000.

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.