Wolfspeed (NYSE:WOLF) Stock Price Down 8.1% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) shares dropped 8.1% during trading on Monday . The stock traded as low as $8.98 and last traded at $9.22. Approximately 2,972,044 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 6,690,352 shares. The stock had previously closed at $10.03.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WOLF. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. TD Cowen cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Susquehanna decreased their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, The Goldman Sachs Group decreased their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Stock Down 3.5 %

The stock’s 50 day simple moving average is $10.89 and its 200-day simple moving average is $17.75. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. As a group, analysts anticipate that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WOLF. Mather Group LLC. grew its holdings in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank acquired a new position in Wolfspeed in the 3rd quarter valued at $27,000. GAMMA Investing LLC grew its stake in Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the last quarter. Signaturefd LLC lifted its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after acquiring an additional 691 shares during the period.

About Wolfspeed

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.