Wolfspeed (NYSE:WOLF) Shares Down 6.3% - What's Next?

Wolfspeed (NYSE:WOLF - Get Free Report)'s share price dropped 6.3% during mid-day trading on Thursday . The company traded as low as $1.38 and last traded at $1.42. Approximately 9,157,719 shares traded hands during trading, a decline of 67% from the average daily volume of 27,800,588 shares. The stock had previously closed at $1.51.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WOLF. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Citigroup reissued a "sell" rating and issued a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, 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 research note on Friday, May 9th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Down 7.0%

The company has a current ratio of 4.64, a quick ratio of 3.90 and a debt-to-equity ratio of 30.65. The company has a market capitalization of $218.66 million, a PE ratio of -0.17 and a beta of 1.09. The business's 50-day simple moving average is $1.70 and its 200-day simple moving average is $3.85.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The business had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same quarter last year, the company earned ($0.62) EPS. The business's revenue was down 7.6% on a year-over-year basis. As a group, equities research 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 Wolfspeed stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the sale, the chief financial officer owned 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its holdings in shares of Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after acquiring an additional 3,548 shares during the period. Steward Partners Investment Advisory LLC grew its position in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after acquiring an additional 2,912 shares in the last quarter. Sterling Capital Management LLC grew its position in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock valued at $50,000 after acquiring an additional 2,533 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new position in Wolfspeed in the 1st quarter valued at about $28,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Wolfspeed in the 4th quarter valued at about $67,000.

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.

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