Wolfspeed (NYSE:WOLF) Stock Price Down 5.2%

Wolfspeed, Inc. (NYSE:WOLF)’s share price was down 5.2% on Thursday . The company traded as low as $23.91 and last traded at $23.94. Approximately 2,617,791 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 4,590,090 shares. The stock had previously closed at $25.24.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on WOLF shares. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Mizuho started coverage on shares of Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 target price on the stock. Piper Sandler dropped their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Susquehanna reaffirmed a “neutral” rating and issued a $35.00 price objective on shares of Wolfspeed in a research note on Monday, April 8th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $43.63.

Wolfspeed Stock Down 6.5 %

The business’s fifty day moving average price is $26.93 and its 200 day moving average price is $32.61. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The firm had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. On average, research analysts predict that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average price of $25.80 per share, with a total value of $258,000.00. Following the completion of the transaction, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its stake in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares in the last quarter. Independence Bank of Kentucky grew its stake in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the period. First Manhattan CO. LLC. purchased a new stake in Wolfspeed during the first quarter worth approximately $39,000. Penserra Capital Management LLC acquired a new stake in shares of Wolfspeed in the fourth quarter worth $43,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Wolfspeed in the 4th quarter valued at $48,000.

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.