Wolfspeed (NYSE:WOLF) Shares Down 6.6% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 6.6% during trading on Thursday . The company traded as low as $27.34 and last traded at $27.3290. 930,883 shares were traded during mid-day trading, a decline of 79% from the average session volume of 4,394,786 shares. The stock had previously closed at $29.27.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Susquehanna reduced their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Stock Down 10.2%

The company has a market cap of $1.37 billion and a P/E ratio of -2.49. The firm’s 50 day moving average is $49.38 and its two-hundred day moving average is $31.50.

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 company had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The business’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently made changes to their positions in WOLF. Atlas Brown Inc. lifted its stake in shares of Wolfspeed by 29.2% in the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock worth $1,558,000 after acquiring an additional 7,300 shares during the period. Next Level Private LLC bought a new position in Wolfspeed during the 2nd quarter worth approximately $434,000. FNY Investment Advisers LLC acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $204,000. Royal Bank of Canada bought a new stake in shares of Wolfspeed in the 1st quarter valued at $89,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Wolfspeed in the 1st quarter valued at $1,796,000.

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.