Wolfspeed (NYSE:WOLF) Hits New 1-Year Low on Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low on Thursday after Citigroup lowered their price target on the stock from $29.00 to $25.00. Citigroup currently has a neutral rating on the stock. Wolfspeed traded as low as $21.62 and last traded at $22.03, with a volume of 2661934 shares trading hands. The stock had previously closed at $26.11.

WOLF has been the topic of several other research reports. William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Canaccord Genuity Group dropped their price target on Wolfspeed from $50.00 to $47.00 and set a “buy” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. cut their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.27.

Institutional Trading of Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. Norges Bank acquired a new position in shares of Wolfspeed in the fourth quarter valued at approximately $308,701,000. FengHe Fund Management Pte. Ltd. raised its stake in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after purchasing an additional 1,165,600 shares in the last quarter. JANA Partners Management LP bought a new position in shares of Wolfspeed in the 3rd quarter valued at about $35,662,000. Cibc World Markets Corp acquired a new position in Wolfspeed during the fourth quarter worth approximately $34,808,000. Finally, Polar Capital Holdings Plc acquired a new stake in Wolfspeed during the 3rd quarter valued at $16,200,000.

Wolfspeed Stock Performance

The stock’s 50 day moving average is $26.58 and its 200 day moving average is $32.11. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -3.90 and a beta of 1.64. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 25.75%. The firm had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Analysts anticipate that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

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.