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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $34.96, but opened at $32.10. Wolfspeed shares last traded at $32.6850, with a volume of 1,096,497 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on WOLF. Susquehanna decreased their target price on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $25.00.

Wolfspeed Trading Down 8.4%

The firm has a market cap of $1.66 billion and a PE ratio of -3.04. The company has a 50 day moving average price of $36.47 and a 200 day moving average price of $32.52.

Institutional Trading of Wolfspeed

Institutional investors have recently bought and sold shares of the company. Renesas Electronics America Inc. acquired a new stake in Wolfspeed in the second quarter valued at $813,126,949,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 buying an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after buying an additional 881,603 shares during the last quarter. UBS Group AG boosted its position in shares of Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after buying an additional 1,233,419 shares in the last quarter. Finally, Calamos Advisors LLC purchased a new stake in shares of Wolfspeed in the 4th quarter worth about $12,451,000.

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.