Wolfspeed (NYSE:WOLF) Trading Down 5.4% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF)’s share price fell 5.4% during trading on Wednesday . The stock traded as low as $19.70 and last traded at $19.3960. 558,436 shares traded hands during trading, a decline of 52% from the average session volume of 1,157,359 shares. The stock had previously closed at $20.50.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on WOLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Susquehanna boosted their price objective on Wolfspeed to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen raised Wolfspeed to a “hold” rating in a report on Saturday, November 22nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $10.50.

Wolfspeed Price Performance

The stock has a market capitalization of $504.73 million and a price-to-earnings ratio of -30.94. The company has a 50-day simple moving average of $19.20 and a two-hundred day simple moving average of $13.56.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.05. The firm had revenue of $196.80 million for the quarter, compared to analyst estimates of $195.37 million. Research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently made changes to their positions in WOLF. State of Alaska Department of Revenue raised its stake in Wolfspeed by 15.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock valued at $38,000 after acquiring an additional 13,265 shares in the last quarter. Praxis Investment Management Inc. acquired a new position in shares of Wolfspeed during the second quarter valued at $41,000. Vontobel Holding Ltd. raised its stake in shares of Wolfspeed by 73.6% during the second quarter. Vontobel Holding Ltd. now owns 479,563 shares of the company’s stock valued at $191,000 after purchasing an additional 203,341 shares in the last quarter. Ground Swell Capital LLC acquired a new stake in Wolfspeed in the second quarter worth about $74,000. Finally, Two Seas Capital LP bought a new position in Wolfspeed in the 2nd quarter valued at about $962,000.

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.