Wolfspeed (NYSE:WOLF) Shares Gap Down to $21.71

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $21.71, but opened at $21.07. Wolfspeed shares last traded at $21.60, with a volume of 153,378 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WOLF. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Citigroup decreased their price target on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. TD Cowen downgraded Wolfspeed from a “buy” rating to a “hold” rating and decreased their target price for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. Finally, Canaccord Genuity Group lowered their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.43.

Wolfspeed Trading Down 9.7 %

The business’s 50 day moving average is $25.03 and its two-hundred day moving average is $27.02. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The company had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.49 million. As a group, analysts predict that Wolfspeed, Inc. will post -3.21 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the purchase, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. boosted its stake in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares during the period. Norges Bank purchased a new stake in shares of Wolfspeed in the fourth quarter valued at $308,701,000. Artisan Partners Limited Partnership boosted its position in shares of Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 shares during the period. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after buying an additional 29,700 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. raised its position in Wolfspeed by 438.9% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the period.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.