Wolfspeed (NYSE:WOLF) Hits New 52-Week Low at $23.11

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $23.11 and last traded at $23.58, with a volume of 312866 shares trading hands. The stock had previously closed at $23.72.

Analyst Ratings Changes

Several analysts have weighed in on WOLF shares. Susquehanna reiterated a "neutral" rating and issued a $35.00 price objective on shares of Wolfspeed in a research report on Monday, April 8th. Wells Fargo & Company restated an "equal weight" rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Piper Sandler decreased their target price on Wolfspeed from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, February 1st. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $43.00 to $35.00 and set a "neutral" rating for the company in a report on Thursday, April 11th. Finally, Mizuho started coverage on Wolfspeed in a report on Friday, April 5th. They set a "neutral" rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.63.

Wolfspeed Stock Performance

The stock has a market capitalization of $2.79 billion, a PE ratio of -3.65 and a beta of 1.66. The business has a 50 day moving average price of $26.93 and a 200 day moving average price of $32.61. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analysts' expectations of $205.94 million. As a group, equities research analysts expect that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the business's stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the business. TFO Wealth Partners LLC boosted its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company's stock valued at $25,000 after buying an additional 574 shares during the last quarter. First Manhattan CO. LLC. purchased a new stake in shares of Wolfspeed during the first quarter valued at $39,000. Aspire Private Capital LLC boosted its position in shares of Wolfspeed by 50.0% during the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company's stock valued at $41,424,000,000 after buying an additional 200 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Wolfspeed during the fourth quarter valued at $43,000. Finally, Independence Bank of Kentucky boosted its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company's stock valued at $31,000 after buying an additional 350 shares during the last quarter.

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.