Wolfspeed (NYSE:WOLF) Trading Down 3.3% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 3.3% on Tuesday . The company traded as low as $17.45 and last traded at $17.73. 214,773 shares changed hands during trading, a decline of 87% from the average session volume of 1,680,216 shares. The stock had previously closed at $18.34.

Analyst Ratings Changes

WOLF has been the subject of several recent research reports. Susquehanna decreased their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Piper Sandler restated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Wolfspeed has an average rating of “Reduce” and an average target price of $12.75.

Wolfspeed Price Performance

The firm’s 50-day simple moving average is $18.38 and its two-hundred day simple moving average is $18.10. The company has a market capitalization of $819.96 million and a price-to-earnings ratio of -2.59.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The firm’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.95) earnings per share. On average, analysts expect that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Canada Pension Plan Investment Board acquired a new position in Wolfspeed during the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $34,000. Summit Securities Group LLC increased its stake in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares during the last quarter. Marex Group plc acquired a new stake in Wolfspeed in the second quarter valued at $44,000. Finally, Panagora Asset Management Inc. grew its holdings in Wolfspeed by 709.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after acquiring an additional 99,740 shares in the last quarter.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.