Wolfspeed (NYSE:WOLF) Sets New 12-Month Low Following Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) hit a new 52-week low during trading on Thursday after Citigroup lowered their price target on the stock from $29.00 to $25.00. Citigroup currently has a neutral rating on the stock. Wolfspeed traded as low as $21.62 and last traded at $22.03, with a volume of 2661934 shares. The stock had previously closed at $26.11.

WOLF has been the subject of a number of other research reports. Roth Mkm reaffirmed a "buy" rating and set a $50.00 target price on shares of Wolfspeed in a report on Tuesday. William Blair lowered shares of Wolfspeed from an "outperform" rating to a "market perform" rating in a report on Thursday. Piper Sandler dropped their target price on shares of Wolfspeed from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, February 1st. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wolfspeed from $35.00 to $30.00 and set a "hold" rating for the company in a report on Tuesday, April 23rd. Finally, Wells Fargo & Company reaffirmed 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $37.27.

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the firm's stock in a transaction on Friday, February 2nd. The shares were bought at an average price of $25.80 per share, with a total value of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares of the company's stock, valued at approximately $1,264,741.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Wolfspeed by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company's stock valued at $549,502,000 after buying an additional 157,668 shares during the last quarter. Norges Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $308,701,000. Artisan Partners Limited Partnership lifted its position in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company's stock worth $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Primecap Management Co. CA lifted its position 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 worth $82,952,000 after purchasing an additional 29,700 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. lifted its position in shares of Wolfspeed by 438.9% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company's stock worth $62,272,000 after purchasing an additional 1,165,600 shares in the last quarter.

Wolfspeed Price Performance

The firm has a market cap of $2.96 billion, a price-to-earnings ratio of -3.88 and a beta of 1.64. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The company's 50-day moving average price is $26.62 and its 200-day moving average price is $32.17.

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

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.