Wolfspeed (NYSE:WOLF) Shares Down 4.9% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) dropped 4.9% on Monday . The stock traded as low as $15.17 and last traded at $15.23. Approximately 1,269,581 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 6,267,485 shares. The stock had previously closed at $16.01.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WOLF shares. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Bank of America dropped their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd. Finally, The Goldman Sachs Group cut their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.43.

Wolfspeed Price Performance

The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -2.33 and a beta of 1.52. The stock’s 50-day simple moving average is $10.48 and its two-hundred day simple moving average is $19.29. 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 released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Equities research analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WOLF. Everence Capital Management Inc. purchased a new position in Wolfspeed in the third quarter valued at about $193,000. Slow Capital Inc. lifted its holdings in shares of Wolfspeed by 53.2% during the 3rd quarter. Slow Capital Inc. now owns 210,496 shares of the company’s stock worth $2,042,000 after acquiring an additional 73,107 shares during the period. Rheos Capital Works Inc. boosted its holdings in shares of Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after purchasing an additional 250,000 shares during the last quarter. Vontobel Holding Ltd. grew its position in Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after acquiring an additional 1,835 shares during the period. Finally, Creative Planning acquired a new stake in Wolfspeed during the 3rd quarter worth approximately $224,000.

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.