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

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $17.76, but opened at $17.08. Wolfspeed shares last traded at $17.5350, with a volume of 330,687 shares traded.

Wall Street Analysts Forecast Growth

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

Wolfspeed Price Performance

The stock has a market cap of $821.88 million and a P/E ratio of -2.59. The company has a fifty day moving average price of $18.42 and a 200 day moving average price of $17.64.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). During the same period in the prior year, the business earned ($0.95) earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WOLF. Camden Asset Management L P CA acquired a new position in shares of Wolfspeed during the third quarter valued at about $9,452,000. Two Seas Capital LP acquired a new stake in shares of Wolfspeed in the 2nd quarter worth about $962,000. Vontobel Holding Ltd. raised its holdings in shares of Wolfspeed by 21.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company’s stock worth $16,669,000 after acquiring an additional 103,282 shares during the last quarter. XTX Topco Ltd lifted its position in Wolfspeed by 4,954.1% in the 2nd quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock valued at $392,000 after acquiring an additional 963,325 shares in the last quarter. Finally, GMT Capital Corp lifted its position in Wolfspeed by 42.9% in the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock valued at $483,000 after acquiring an additional 363,784 shares in the last quarter.

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.