Wolfspeed (NYSE:WOLF) Stock Price Down 7.4% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares dropped 7.4% during mid-day trading on Friday . The company traded as low as $40.01 and last traded at $42.1920. Approximately 1,130,230 shares changed hands during trading, a decline of 74% from the average daily volume of 4,283,692 shares. The stock had previously closed at $45.54.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Price Performance

The business’s 50-day moving average price is $42.74 and its 200-day moving average price is $27.05. The firm has a market capitalization of $2.24 billion and a PE ratio of -4.07.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. During the same quarter last year, the business earned ($0.72) earnings per share. The business’s quarterly revenue was down 19.0% on a year-over-year basis.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Goldman Sachs Group Inc. grew its position in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed during the 2nd quarter worth $47,000. Ilex Capital Partners UK LLP boosted its position in shares of Wolfspeed by 499.1% during the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after purchasing an additional 554,587 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed during the 2nd quarter worth $34,000.

About Wolfspeed

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.