Wolfspeed (NYSE:WOLF) Shares Gap Down - Time to Sell?

Key Points

• Wolfspeed's share price gapped down from $35.42 to $34.21 at market opening, with a trading volume of 933,385 shares.
• The stock currently holds a consensus rating of "Reduce" with a target price of $9.80, according to analysts.
• Institutional investors like Vanguard Group and Neuberger Berman have recently increased their stakes in Wolfspeed, indicating continued interest despite recent stock performance.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $35.42, but opened at $34.21. Wolfspeed shares last traded at $34.39, with a volume of 933,385 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Wolfspeed in a research report on Saturday, September 27th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $9.80.

Wolfspeed Stock Down 1.2%

The stock has a market cap of $904.14 million and a price-to-earnings ratio of -3.10. The company's 50-day moving average is $6.21 and its 200-day moving average is $3.58.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. grew its stake in Wolfspeed by 18.8% during the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after buying an additional 2,989,503 shares during the last quarter. Two Seas Capital LP bought a new stake in shares of Wolfspeed during the second quarter valued at approximately $962,000. Shah Capital Management bought a new stake in shares of Wolfspeed during the first quarter valued at approximately $6,586,000. Neuberger Berman Group LLC grew its stake in shares of Wolfspeed by 72.7% during the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after purchasing an additional 1,822,958 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Wolfspeed in the first quarter valued at approximately $4,402,000.

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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