Wolfspeed (NYSE:WOLF) Stock Price Down 11.6% - Should You Sell?

Wolfspeed (NYSE:WOLF - Get Free Report)'s stock price traded down 11.6% during trading on Thursday . The company traded as low as $1.76 and last traded at $1.79. 35,136,721 shares traded hands during mid-day trading, an increase of 32% from the average session volume of 26,691,736 shares. The stock had previously closed at $2.02.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WOLF shares. Piper Sandler reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Citigroup reissued a "sell" rating and set a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Five analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.15.

Wolfspeed Trading Down 15.7%

The stock has a fifty day moving average of $1.92 and a 200-day moving average of $4.02. The company has a market cap of $208.54 million, a PE ratio of -0.16 and a beta of 1.09. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. The company had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The firm's revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.62) EPS. Sell-side analysts anticipate that Wolfspeed will post -4 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer owned 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently modified their holdings of WOLF. Jones Financial Companies Lllp raised its holdings in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after purchasing an additional 3,548 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in shares of Wolfspeed in the 1st quarter worth approximately $28,000. Steward Partners Investment Advisory LLC raised its stake in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after acquiring an additional 2,912 shares in the last quarter. Beacon Capital Management LLC bought a new position in shares of Wolfspeed during the 1st quarter worth approximately $31,000. Finally, Wealthfront Advisers LLC acquired a new stake in Wolfspeed in the first quarter valued at approximately $32,000.

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.