Wolfspeed (NYSE:WOLF) Shares Down 4.8% – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $25.60 and last traded at $25.3650. 163,147 shares traded hands during trading, a decline of 96% from the average session volume of 4,399,806 shares. The stock had previously closed at $26.65.

Analyst Ratings Changes

Several analysts have weighed in on WOLF shares. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. TD Cowen reaffirmed a “hold” rating and set a $25.00 price target on shares of Wolfspeed in a research report on Thursday, August 20th. Susquehanna reduced their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, August 24th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.00.

Wolfspeed Stock Up 6.1%

The stock’s 50-day moving average price is $30.44 and its 200 day moving average price is $33.43. The firm has a market capitalization of $1.51 billion and a price-to-earnings ratio of -1.81.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.00 million. During the same period in the prior year, the business posted ($0.77) EPS. Wolfspeed’s revenue for the quarter was down 24.1% compared to the same quarter last year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed in the 2nd quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed during the second quarter worth about $34,000. Summit Securities Group LLC lifted its holdings 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 worth $38,000 after acquiring an additional 915 shares during the last quarter. Marex Group plc purchased a new stake in Wolfspeed in the second quarter valued at approximately $44,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Wolfspeed in the second quarter valued at $47,000.

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.