Wolfspeed (NYSE:WOLF) Stock Price Down 5.7% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s share price fell 5.7% during mid-day trading on Tuesday . The company traded as low as $5.62 and last traded at $5.67. 997,317 shares traded hands during trading, a decline of 90% from the average session volume of 10,491,790 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WOLF. Bank of America reduced their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. The Goldman Sachs Group reduced their price objective on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Susquehanna reduced their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Finally, Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Up 8.9 %

The company has a market capitalization of $757.98 million, a P/E ratio of -0.77 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm’s fifty day moving average is $5.86 and its 200-day moving average is $8.28.

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

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the business. South Dakota Investment Council grew its holdings in Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock worth $4,778,000 after acquiring an additional 149,648 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Wolfspeed during the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA grew its holdings in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after acquiring an additional 68,423 shares during the last quarter.

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.