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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $21.13, but opened at $20.29. Wolfspeed shares last traded at $19.7450, with a volume of 483,799 shares traded.

Analyst Ratings Changes

Several research analysts have weighed in on WOLF shares. Wall Street Zen upgraded Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Susquehanna lifted their price objective on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Reduce” and an average target price of $10.50.

Wolfspeed Price Performance

The firm’s 50-day simple moving average is $24.00 and its two-hundred day simple moving average is $10.10. The company has a market capitalization of $481.49 million and a price-to-earnings ratio of -29.52.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The firm had revenue of $196.80 million during the quarter, compared to analysts’ expectations of $195.37 million. On average, analysts expect that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Wolfspeed in the second quarter valued at $28,000. Caitlin John LLC acquired a new position in shares of Wolfspeed in the second quarter valued at approximately $31,000. MAI Capital Management boosted its position in Wolfspeed by 894.9% during the first quarter. MAI Capital Management now owns 10,815 shares of the company’s stock worth $33,000 after acquiring an additional 9,728 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the 2nd quarter worth approximately $34,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed in the 2nd quarter valued at $34,000.

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.