Wolfspeed (NYSE:WOLF) Shares Down 7% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price dropped 7% during trading on Tuesday . The stock traded as low as $5.14 and last traded at $5.02. Approximately 2,614,016 shares changed hands during trading, a decline of 74% from the average daily volume of 10,191,298 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

Several research firms have weighed in on WOLF. The Goldman Sachs Group cut their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Susquehanna dropped their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler lowered their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Finally, Mizuho dropped their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Up 2.0 %

The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a fifty day moving average of $5.98 and a 200-day moving average of $8.47. The firm has a market cap of $682.63 million, a P/E ratio of -0.70 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities research analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after purchasing an additional 299,304 shares during the last quarter. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 2.7% during the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock worth $43,418,000 after buying an additional 169,984 shares during the period. Neuberger Berman Group LLC grew its stake in Wolfspeed by 4.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock valued at $16,701,000 after buying an additional 104,042 shares during the last quarter. Two Sigma Advisers LP grew its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in Wolfspeed by 94.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after acquiring an additional 995,020 shares during the period.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.