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

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $37.25, but opened at $35.98. Wolfspeed shares last traded at $35.9350, with a volume of 247,427 shares traded.

Analysts Set New Price Targets

Several analysts have commented on WOLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Down 7.3%

The business has a 50-day simple moving average of $51.45 and a 200-day simple moving average of $30.59. The company has a market cap of $1.80 billion and a PE ratio of -3.27.

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

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board acquired a new position in Wolfspeed during the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed during the second quarter valued at $34,000. Summit Securities Group LLC grew its position 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 valued at $38,000 after purchasing an additional 915 shares during the period. Marex Group plc acquired a new stake in shares of Wolfspeed in the second quarter valued at about $44,000. Finally, Eastern Bank purchased a new stake in shares of Wolfspeed during the fourth quarter worth about $46,000.

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.