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

Wolfspeed, Inc. (NYSE:WOLF) gapped down before the market opened on Tuesday . The stock had previously closed at $52.97, but opened at $47.40. Wolfspeed shares last traded at $51.9640, with a volume of 1,463,285 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have commented on WOLF shares. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Down 6.7%

The stock has a fifty day moving average of $48.09 and a 200-day moving average of $28.88. The firm has a market capitalization of $2.37 billion and a price-to-earnings ratio of -4.32.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. Wolfspeed’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.72) earnings per share.

Institutional Trading of Wolfspeed

Hedge funds have recently made changes to their positions in the stock. Renesas Electronics America Inc. purchased a new stake in Wolfspeed in the 4th quarter worth approximately $293,400,000. Capital Research Global Investors acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at about $79,426,000. UBS Group AG grew its stake in shares of Wolfspeed by 3,413.9% in the 4th quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after buying an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after buying an additional 906,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after acquiring an additional 881,603 shares in the last quarter.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.