Wolfspeed (NYSE:WOLF) Shares Down 7% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares were down 7% during mid-day trading on Tuesday . The stock traded as low as $5.14 and last traded at $5.02. Approximately 2,614,016 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 10,191,298 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

A number of brokerages have commented on WOLF. Mizuho decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Bank of America cut their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Canaccord Genuity Group cut their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Performance

The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The company has a market cap of $682.63 million, a P/E ratio of -0.70 and a beta of 1.50. The company has a 50 day moving average price of $5.98 and a 200-day moving average price of $8.47.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its holdings in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares during the last quarter. R Squared Ltd acquired a new position in shares of Wolfspeed during the fourth quarter worth $28,000. Steward Partners Investment Advisory LLC grew its stake in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter. KBC Group NV increased its holdings in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 shares during the period. Finally, Allworth Financial LP raised its position in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the last quarter.

Wolfspeed Company Profile

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.