Wolfspeed (NYSE:WOLF) Shares Down 8.5% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price fell 8.5% on Monday . The stock traded as low as $53.40 and last traded at $52.5110. Approximately 2,427,862 shares traded hands during trading, a decline of 45% from the average daily volume of 4,444,683 shares. The stock had previously closed at $57.41.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Down 7.0%

The company’s fifty day moving average price is $47.66 and its two-hundred day moving average price is $28.72. The company has a market cap of $2.56 billion and a price-to-earnings ratio of -4.66.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The company’s revenue was down 19.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Summit Securities Group LLC grew its holdings in shares of Wolfspeed by 71.0% in 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 in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after acquiring an additional 1,783 shares during the period. Eastern Bank bought a new stake in Wolfspeed during the fourth quarter worth $46,000. Royal Bank of Canada purchased a new position in Wolfspeed in the first quarter worth $89,000. Finally, Cinctive Capital Management LP purchased a new position in Wolfspeed in the fourth quarter worth $176,000.

Wolfspeed Company Profile

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.