Wolfspeed (NYSE:WOLF) Stock Price Down 3.3% - What's Next?

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was down 3.3% during mid-day trading on Friday . The stock traded as low as $1.28 and last traded at $1.31. Approximately 3,073,539 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 17,962,961 shares. The stock had previously closed at $1.35.

Analyst Ratings Changes

A number of research analysts have recently weighed in on WOLF shares. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. The Goldman Sachs Group lowered their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Citigroup reissued a "sell" rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, Piper Sandler decreased their price target 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 research 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. According to MarketBeat, Wolfspeed has a consensus rating of "Hold" and an average price target of $11.15.

Wolfspeed Trading Up 0.4%

The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The business's fifty day moving average is $2.53 and its 200-day moving average is $4.97. The stock has a market capitalization of $201.54 million, a PE ratio of -0.17 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. The company had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Wolfspeed's revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.62) EPS. As a group, analysts anticipate 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 firm's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently modified their holdings of WOLF. Vanguard Group Inc. lifted its position in Wolfspeed by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after acquiring an additional 2,989,503 shares in the last quarter. Primecap Management Co. CA grew its position in Wolfspeed by 2.2% in the first quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock valued at $20,396,000 after acquiring an additional 146,106 shares in the last quarter. Neuberger Berman Group LLC raised 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 period. Shah Capital Management acquired a new position in shares of Wolfspeed during the first quarter worth $6,586,000. Finally, Frontier Capital Management Co. LLC lifted its position in shares of Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after purchasing an additional 995,020 shares in the last quarter.

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.