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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped down before the market opened on Tuesday . The stock had previously closed at $52.97, but opened at $47.40. Wolfspeed shares last traded at $51.9640, with a volume of 1,463,285 shares traded.

Wall Street Analysts Forecast Growth

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

Wolfspeed Stock Down 5.1%

The business’s 50 day simple moving average is $47.14 and its two-hundred day simple moving average is $28.52. The stock has a market cap of $2.61 billion and a P/E ratio of -4.82.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. During the same period last year, the business earned ($0.72) EPS. The company’s revenue was down 19.0% compared to the same quarter last year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WOLF. Summit Securities Group LLC grew its position in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the last quarter. Capital Investment Advisory Services LLC lifted its stake in shares of Wolfspeed by 13.3% in 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 in the fourth quarter valued at approximately $46,000. Royal Bank of Canada acquired a new stake in Wolfspeed during the 1st quarter valued at approximately $89,000. Finally, Cinctive Capital Management LP bought a new position in Wolfspeed during the 4th quarter worth approximately $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.