Wolfspeed (NYSE:WOLF) Trading Down 6.6% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) was down 6.6% during trading on Thursday . The company traded as low as $27.34 and last traded at $27.3290. 930,883 shares were traded during trading, a decline of 79% from the average daily volume of 4,394,786 shares. The stock had previously closed at $29.27.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research reports. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Susquehanna decreased their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Price Performance

The business has a 50 day simple moving average of $47.70 and a 200 day simple moving average of $31.49. The stock has a market cap of $1.20 billion and a PE ratio of -2.19.

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

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlas Brown Inc. raised its position in Wolfspeed by 29.2% during the second quarter. Atlas Brown Inc. now owns 32,300 shares of the company’s stock valued at $1,558,000 after acquiring an additional 7,300 shares in the last quarter. Next Level Private LLC bought a new stake in Wolfspeed in the second quarter worth approximately $434,000. FNY Investment Advisers LLC acquired a new position in shares of Wolfspeed during the 2nd quarter worth $204,000. Royal Bank of Canada acquired a new position in shares of Wolfspeed during the 1st quarter worth $89,000. Finally, Lazard Asset Management LLC acquired a new position in shares of Wolfspeed during the 1st quarter worth $1,796,000.

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.