Wolfspeed (NYSE:WOLF) Trading Down 3% - Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) traded down 3% on Wednesday . The company traded as low as $1.37 and last traded at $1.44. 8,310,745 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 28,999,732 shares. The stock had previously closed at $1.48.

Wall Street Analyst Weigh In

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

Wolfspeed Stock Down 9.3%

The stock has a 50 day simple moving average of $2.90 and a 200-day simple moving average of $5.45. The firm has a market cap of $189.09 million, a PE ratio of -0.16 and a beta of 1.62. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The firm had revenue of $185.40 million during the quarter, compared to analysts' expectations of $190.03 million. During the same quarter in the previous year, the business earned ($0.62) earnings per share. The company's revenue was down 7.6% on a year-over-year basis. Sell-side analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. The trade was a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.84% of the company's stock.

Institutional Trading of Wolfspeed

Several large investors have recently modified their holdings of WOLF. SG Americas Securities LLC grew its holdings in shares of Wolfspeed by 74.1% in the fourth quarter. SG Americas Securities LLC now owns 102,285 shares of the company's stock worth $681,000 after acquiring an additional 43,536 shares during the period. KBC Group NV grew its holdings in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after acquiring an additional 2,629 shares during the period. R Squared Ltd bought a new stake in shares of Wolfspeed in the fourth quarter worth $28,000. Capital Investment Advisory Services LLC grew its holdings in shares of Wolfspeed by 98.8% in the fourth quarter. Capital Investment Advisory Services LLC now owns 23,458 shares of the company's stock worth $156,000 after acquiring an additional 11,658 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Wolfspeed by 100.0% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,000 shares of the company's stock worth $67,000 after acquiring an additional 5,000 shares during the period.

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.