Wolfspeed (NYSE:WOLF) Stock Price Down 5.2%

Wolfspeed, Inc. (NYSE:WOLF) was down 5.2% on Thursday . The company traded as low as $23.91 and last traded at $23.94. Approximately 2,617,791 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 4,590,090 shares. The stock had previously closed at $25.24.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent research reports. Susquehanna reiterated a “neutral” rating and set a $35.00 price objective on shares of Wolfspeed in a report on Monday, April 8th. Mizuho assumed coverage on Wolfspeed in a report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target for the company. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Finally, Piper Sandler decreased their target price 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. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $43.63.

Wolfspeed Price Performance

The business has a 50 day moving average of $26.93 and a 200 day moving average of $32.61. 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 announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The firm had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Equities analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insiders Place Their Bets

In other news, Director Darren R. Jackson bought 10,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were acquired at an average price of $25.80 per share, with a total value of $258,000.00. Following the acquisition, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently added to or reduced their stakes in WOLF. TFO Wealth Partners LLC grew its stake in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the last quarter. Independence Bank of Kentucky increased its stake in shares of Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after buying an additional 350 shares during the period. First Manhattan CO. LLC. bought a new stake in shares of Wolfspeed during the first quarter worth $39,000. Penserra Capital Management LLC acquired a new position in shares of Wolfspeed during the fourth quarter valued at $43,000. Finally, Rakuten Securities Inc. bought a new position in Wolfspeed in the fourth quarter valued at about $48,000.

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.