Wolfspeed (NYSE:WOLF) Shares Down 5.8% – What’s Next?

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 5.8% on Wednesday . The stock traded as low as $21.36 and last traded at $21.4450. 617,601 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 3,797,668 shares. The stock had previously closed at $22.76.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WOLF shares. Susquehanna raised their price objective on Wolfspeed to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th. Finally, Wall Street Zen raised shares of Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $10.50.

Wolfspeed Price Performance

The firm has a market capitalization of $545.26 million and a price-to-earnings ratio of -33.35. The business’s fifty day simple moving average is $24.30 and its 200 day simple moving average is $9.84.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million for the quarter, compared to the consensus estimate of $195.37 million. Equities research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in Wolfspeed in the 3rd quarter valued at $8,560,000. Polymer Capital Management HK LTD purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $582,000. Qube Research & Technologies Ltd bought a new position in Wolfspeed during the third quarter valued at about $4,322,000. Militia Capital Partners LP bought a new position in Wolfspeed during the third quarter valued at about $744,000. Finally, Anson Funds Management LP purchased a new stake in Wolfspeed during the third quarter worth about $1,235,000.

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.