Wolfspeed (NYSE:WOLF) Stock Price Down 3.3% - Time to Sell?

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

Analysts Set New Price Targets

Several brokerages recently issued reports on WOLF. Citigroup restated a "sell" rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Piper Sandler dropped their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Stock Performance

The stock's 50 day moving average price is $2.53 and its two-hundred day moving average price is $4.99. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The firm has a market capitalization of $199.98 million, a price-to-earnings ratio of -0.17 and a beta of 1.29.

Wolfspeed (NYSE:WOLF - Get Free Report) last released 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 125.96% and a negative return on equity of 70.84%. The firm had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same quarter in the previous year, the firm earned ($0.62) earnings per share. The firm's revenue was down 7.6% on a year-over-year basis. On average, analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current year.

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. Vanguard Group Inc. lifted its holdings in shares of Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in Wolfspeed during the 4th quarter valued at $1,782,000. Charles Schwab Investment Management Inc. increased its position in Wolfspeed by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock worth $8,040,000 after buying an additional 335,966 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Wolfspeed by 413.0% in the fourth quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock worth $917,000 after acquiring an additional 110,848 shares during the last quarter. Finally, South Dakota Investment Council lifted its position in shares of Wolfspeed by 26.4% in the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock valued at $4,778,000 after acquiring an additional 149,648 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.