Wolfspeed (NYSE:WOLF) Shares Down 7.6% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares were down 7.6% on Monday . The company traded as low as $45.10 and last traded at $42.4550. 930,964 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 4,483,763 shares. The stock had previously closed at $45.97.

Analyst Ratings Changes

WOLF has been the subject of several research reports. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Up 9.2%

The stock has a fifty day moving average of $49.83 and a 200-day moving average of $29.56. The firm has a market capitalization of $2.51 billion and a P/E ratio of -4.57.

Wolfspeed (NYSE:WOLF) last released its earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same quarter in the previous year, the firm posted ($0.72) EPS. The company’s revenue was down 19.0% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Renesas Electronics America Inc. bought a new position in Wolfspeed in the fourth quarter valued at $293,400,000. Capital Research Global Investors bought a new stake in Wolfspeed during the 3rd quarter worth about $79,426,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after buying an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after buying an additional 881,603 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Wolfspeed by 3,413.9% during the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after buying an additional 1,233,419 shares during 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.