Wolfspeed (NYSE:WOLF) Stock Price Down 8.9% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) shares dropped 8.9% on Thursday . The stock traded as low as $13.68 and last traded at $13.71. Approximately 3,551,597 shares changed hands during trading, a decline of 44% from the average daily volume of 6,386,851 shares. The stock had previously closed at $15.05.

Analyst Ratings Changes

WOLF has been the subject of several analyst reports. Bank of America lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut 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. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Finally, Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $22.43.

Wolfspeed Stock Performance

The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The business has a 50 day moving average price of $10.89 and a two-hundred day moving average price of $18.50. The stock has a market cap of $1.69 billion, a P/E ratio of -1.92 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. On average, sell-side analysts forecast that Wolfspeed, Inc. will post -4.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of the company. Seven Eight Capital LP increased its position in shares of Wolfspeed by 0.5% during the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after acquiring an additional 675 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter. Arizona State Retirement System grew its stake in Wolfspeed by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after acquiring an additional 775 shares during the period. State of Michigan Retirement System boosted its holdings in shares of Wolfspeed by 3.0% in the 1st quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock valued at $912,000 after purchasing an additional 900 shares during the last quarter. Finally, Mather Group LLC. boosted its holdings in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during 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.