Wolfspeed (NYSE:WOLF) Shares Gap Down – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Friday. The stock had previously closed at $24.95, but opened at $22.60. Wolfspeed shares last traded at $22.7210, with a volume of 712,589 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WOLF. Susquehanna lowered their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Weiss Ratings lowered shares of Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, October 23rd. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research report on Friday, September 25th. TD Cowen started coverage on shares of Wolfspeed in a research note on Thursday, August 20th. They set a “hold” rating and a $25.00 target price on the stock. Finally, Wall Street Zen downgraded shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.33.

Wolfspeed Trading Down 12.5%

The company’s 50-day simple moving average is $26.77 and its 200-day simple moving average is $30.12. The stock has a market capitalization of $1.16 billion and a price-to-earnings ratio of -1.38.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.45) by $0.19. The business had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. Wolfspeed’s revenue was down 24.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.77) EPS. On average, equities research analysts expect that Wolfspeed, Inc. will post -8.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. lifted its holdings in Wolfspeed by 96.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,429 shares of the company’s stock worth $40,000 after buying an additional 703 shares during the period. Royal Bank of Canada bought a new stake in shares of Wolfspeed in the 1st quarter valued at about $89,000. FNY Investment Advisers LLC acquired a new stake in shares of Wolfspeed in the second quarter valued at about $204,000. AXQ Capital LP acquired a new stake in shares of Wolfspeed in the second quarter valued at about $208,000. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Wolfspeed during the second quarter worth about $229,000.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.