Wolfspeed (NYSE:WOLF) Stock Price Down 5.6% - Time to Sell?

Wolfspeed (NYSE:WOLF - Get Free Report) fell 5.6% on Wednesday . The company traded as low as $0.58 and last traded at $0.59. 6,385,368 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 18,894,691 shares. The stock had previously closed at $0.63.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several recent analyst reports. Citigroup reissued a "sell" rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler lowered 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. Finally, The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Wolfspeed presently has an average rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Performance

The business's fifty day moving average price is $2.34 and its two-hundred day moving average price is $4.56. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64. The stock has a market capitalization of $91.04 million, a P/E ratio of -0.07 and a beta of 1.29.

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

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.84% of the company's stock.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after purchasing an additional 2,989,503 shares during the last quarter. Primecap Management Co. CA grew its stake in Wolfspeed by 2.2% in the 1st quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock worth $20,396,000 after acquiring an additional 146,106 shares in the last quarter. Neuberger Berman Group LLC increased its position 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 worth $13,723,000 after acquiring an additional 1,822,958 shares during the period. Shah Capital Management purchased a new stake in shares of Wolfspeed in the first quarter valued at approximately $6,586,000. Finally, Frontier Capital Management Co. LLC raised its position in Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after purchasing an additional 995,020 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.