Wolfspeed (NYSE:WOLF) Sets New 52-Week Low – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low during trading on Friday . The stock traded as low as $7.28 and last traded at $7.30, with a volume of 2234669 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WOLF. Roth Mkm lowered their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley raised their price objective on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Susquehanna lowered their target price on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Trading Down 11.8 %

The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a market capitalization of $855.68 million, a P/E ratio of -1.13 and a beta of 1.46. The stock has a 50-day moving average price of $10.81 and a two-hundred day moving average price of $17.40.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, research analysts forecast that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Trading of Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of WOLF. Mather Group LLC. lifted its position in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after buying an additional 933 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares in the last quarter. Signaturefd LLC lifted its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the period. Eastern Bank bought a new stake in Wolfspeed during the third quarter worth about $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Wolfspeed in the second quarter worth about $75,000.

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.