Wolfspeed (NYSE:WOLF) Shares Gap Down to $27.75

Wolfspeed, Inc. (NYSE:WOLF)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $27.75, but opened at $26.58. Wolfspeed shares last traded at $26.66, with a volume of 604,377 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WOLF. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday. Piper Sandler cut their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $44.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $45.07.

Wolfspeed Stock Performance

The firm has a market cap of $3.41 billion, a P/E ratio of -4.45 and a beta of 1.66. The stock’s 50 day moving average is $27.74 and its two-hundred day moving average is $33.59. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. As a group, equities analysts predict that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Activity at Wolfspeed

In other news, Director Darren R. Jackson acquired 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Wolfspeed by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after buying an additional 157,668 shares during the last quarter. Norges Bank bought a new stake in Wolfspeed during the fourth quarter worth about $308,701,000. Artisan Partners Limited Partnership grew its stake in Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 shares during the last quarter. Primecap Management Co. CA grew its stake in Wolfspeed by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after buying an additional 29,700 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Wolfspeed by 3.9% during the first quarter. Geode Capital Management LLC now owns 1,758,439 shares of the company’s stock worth $114,047,000 after buying an additional 66,337 shares during the last quarter.

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.