Wolfspeed (NYSE:WOLF) Stock Price Down 7.6% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price dropped 7.6% during trading on Monday . The company traded as low as $45.10 and last traded at $42.4550. Approximately 930,964 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 4,483,763 shares. The stock had previously closed at $45.97.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WOLF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Wednesday. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Performance

The company’s 50 day simple moving average is $49.02 and its 200-day simple moving average is $29.22. The firm has a market capitalization of $2.34 billion and a PE ratio of -4.23.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results 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. The firm’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC increased its stake in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after acquiring an additional 915 shares during the last quarter. Capital Investment Advisory Services LLC boosted its position in shares of Wolfspeed by 13.3% during the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares during the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed during the fourth quarter worth about $46,000. Royal Bank of Canada bought a new position in shares of Wolfspeed in the first quarter worth approximately $89,000. Finally, Cinctive Capital Management LP bought a new position in shares of Wolfspeed in the fourth quarter worth approximately $176,000.

Wolfspeed Company Profile

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.