Wolfspeed (NYSE:WOLF) Reaches New 52-Week Low – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) hit a new 52-week low during trading on Thursday . The company traded as low as $6.22 and last traded at $6.24, with a volume of 2202711 shares trading hands. The stock had previously closed at $6.44.

Analyst Ratings Changes

WOLF has been the subject of several recent research reports. TD Cowen lowered their price objective on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Susquehanna decreased their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Morgan Stanley lifted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Mizuho reduced their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday. Finally, Bank of America cut their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.21.

Wolfspeed Trading Up 3.7 %

The business has a 50-day moving average price of $10.74 and a two-hundred day moving average price of $17.01. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. Equities analysts predict that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC boosted its holdings in Wolfspeed by 160.8% during the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock worth $568,000 after purchasing an additional 36,105 shares during the last quarter. Aequim Alternative Investments LP lifted its position in shares of Wolfspeed by 20.2% during the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after buying an additional 33,036 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Wolfspeed by 120.5% in the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after buying an additional 35,101 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of Wolfspeed by 145.4% in the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock valued at $474,000 after acquiring an additional 28,983 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.