Wolfspeed (NYSE:WOLF) Stock Price Down 5.2%

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) dropped 5.2% on Thursday . The stock traded as low as $23.91 and last traded at $23.94. Approximately 2,617,791 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 4,590,090 shares. The stock had previously closed at $25.24.

Analysts Set New Price Targets

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

Wolfspeed Trading Down 6.0 %

The firm has a 50 day simple moving average of $27.07 and a 200 day simple moving average of $32.72. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The firm has a market capitalization of $2.98 billion, a PE ratio of -3.90 and a beta of 1.66.

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

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Wolfspeed by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company's stock valued at $549,502,000 after purchasing an additional 157,668 shares in the last quarter. Norges Bank purchased a new position in shares of Wolfspeed during the fourth quarter valued at about $308,701,000. Artisan Partners Limited Partnership grew 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 valued at $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Primecap Management Co. CA grew 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 valued at $82,952,000 after purchasing an additional 29,700 shares in the last quarter. Finally, Geode Capital Management LLC grew its position 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 valued at $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.