Wolfspeed (NYSE:WOLF) Trading Down 4.5%

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was down 4.5% on Friday . The stock traded as low as $25.84 and last traded at $25.85. Approximately 1,012,397 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 4,679,562 shares. The stock had previously closed at $27.07.

Analyst Ratings Changes

Several equities analysts recently weighed in on WOLF shares. Mizuho started coverage on Wolfspeed in a research note on Friday. They issued a "neutral" rating and a $30.00 price objective for the company. Piper Sandler dropped their price objective on Wolfspeed from $55.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, February 1st. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $44.00 to $43.00 and set a "neutral" rating for the company in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $44.13.

Wolfspeed Stock Performance

The firm has a market cap of $3.31 billion, a PE ratio of -4.33 and a beta of 1.66. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The stock has a 50-day moving average price of $27.59 and a 200 day moving average price of $33.49.

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

Insider Activity

In other news, Director Darren R. Jackson bought 10,000 shares of Wolfspeed stock in a transaction that occurred on Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now owns 49,021 shares of the company's stock, valued at $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 157,668 shares during the last quarter. Norges Bank acquired a new position in shares of Wolfspeed during the fourth quarter worth about $308,701,000. Artisan Partners Limited Partnership lifted its stake 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 stake 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, Geode Capital Management LLC lifted its stake in shares of Wolfspeed by 3.9% during the first quarter. Geode Capital Management LLC now owns 1,758,439 shares of the company's stock worth $114,047,000 after purchasing an additional 66,337 shares in 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.