Wolfspeed (NYSE:WOLF) Shares Gap Down – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $9.98, but opened at $9.72. Wolfspeed shares last traded at $9.23, with a volume of 1,014,810 shares traded.

Analyst Ratings Changes

Several brokerages have commented on WOLF. The Goldman Sachs Group cut their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Piper Sandler cut their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. Morgan Stanley decreased their price objective on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Finally, Bank of America reduced their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.43.

Wolfspeed Price Performance

The stock has a 50 day moving average price of $10.40 and a two-hundred day moving average price of $19.85. The firm has a market cap of $1.46 billion, a PE ratio of -1.65 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, equities analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Creative Planning purchased a new stake in Wolfspeed in the 3rd quarter worth approximately $224,000. Inspire Investing LLC lifted its stake in shares of Wolfspeed by 178.3% in the 3rd quarter. Inspire Investing LLC now owns 42,906 shares of the company’s stock valued at $416,000 after purchasing an additional 27,487 shares during the period. Green Alpha Advisors LLC boosted its holdings in Wolfspeed by 45.2% during the third quarter. Green Alpha Advisors LLC now owns 34,368 shares of the company’s stock worth $333,000 after buying an additional 10,695 shares in the last quarter. GAMMA Investing LLC grew its position in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after buying an additional 3,664 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Wolfspeed by 231.8% in the third quarter. SG Americas Securities LLC now owns 58,749 shares of the company’s stock valued at $570,000 after buying an additional 41,041 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.