Wolfspeed (NYSE:WOLF) Stock Price Down 7% - Here's What Happened

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) fell 7% on Tuesday . The company traded as low as $5.14 and last traded at $5.02. 2,614,016 shares were traded during mid-day trading, a decline of 74% from the average session volume of 10,191,298 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WOLF. Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Susquehanna cut their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a research note on Tuesday, November 19th. The Goldman Sachs Group cut their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Finally, Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $14.86.

Wolfspeed Trading Up 2.8 %

The stock has a market cap of $768.19 million, a PE ratio of -0.78 and a beta of 1.50. The firm has a 50-day simple moving average of $5.92 and a 200-day simple moving average of $8.36. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WOLF. US Bancorp DE increased its stake in Wolfspeed by 225.9% in the third quarter. US Bancorp DE now owns 11,343 shares of the company's stock valued at $110,000 after acquiring an additional 7,863 shares during the last quarter. Principal Financial Group Inc. increased its stake in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock valued at $5,748,000 after acquiring an additional 173,409 shares during the last quarter. GSA Capital Partners LLP boosted its position in Wolfspeed by 230.0% during the third quarter. GSA Capital Partners LLP now owns 58,986 shares of the company's stock valued at $572,000 after buying an additional 41,114 shares during the period. Sugar Maple Asset Management LLC purchased a new stake in Wolfspeed during the third quarter valued at about $211,000. Finally, Thrivent Financial for Lutherans boosted its position in Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock valued at $959,000 after buying an additional 68,423 shares during the period.

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.