Wolfspeed (NYSE:WOLF) Trading Down 11% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) traded down 11% during trading on Friday . The stock traded as low as $16.78 and last traded at $16.85. 764,836 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 1,681,566 shares. The stock had previously closed at $18.94.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WOLF. Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Piper Sandler restated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna reduced their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Trading Down 12.6%

The firm has a market capitalization of $746.69 million and a P/E ratio of -2.35. The business’s fifty day moving average is $18.41 and its 200 day moving average is $17.30.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The company had revenue of $168.50 million for the quarter, compared to analysts’ expectations of $170.00 million. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.95) EPS. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Yaupon Capital Management LP acquired a new stake in Wolfspeed during the 4th quarter worth about $7,834,000. Summit Securities Group LLC raised its holdings in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the period. Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $176,000. Ardsley Advisory Partners LP acquired a new position in Wolfspeed in the 4th quarter worth approximately $2,873,000. Finally, Renesas Electronics America Inc. purchased a new position in Wolfspeed during the 4th quarter worth approximately $293,400,000.

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.