Wolfspeed (NYSE:WOLF) Stock Price Down 7.5% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price was down 7.5% during trading on Friday . The stock traded as low as $6.95 and last traded at $6.92. Approximately 7,689,315 shares changed hands during trading, a decline of 59% from the average daily volume of 18,763,387 shares. The stock had previously closed at $7.48.

Analyst Ratings Changes

Several analysts have commented on WOLF shares. Roth Mkm dropped their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Canaccord Genuity Group dropped their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Susquehanna dropped their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Three 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

The stock’s 50-day moving average price is $6.47 and its 200 day moving average price is $9.23. The firm has a market capitalization of $856.17 million, a price-to-earnings ratio of -0.87 and a beta of 1.43. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of the company. New York State Teachers Retirement System increased its position in Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after purchasing an additional 1,885 shares during the last quarter. Allworth Financial LP increased its position in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the last quarter. Sterling Capital Management LLC increased its position in Wolfspeed by 51.4% during the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after purchasing an additional 2,533 shares during the last quarter. Ground Swell Capital LLC increased its position in Wolfspeed by 25.6% during the fourth quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock worth $85,000 after purchasing an additional 2,611 shares during the last quarter. Finally, KBC Group NV increased its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 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.