Wolfspeed (NYSE:WOLF) Shares Gap Down to $8.10

Wolfspeed, Inc. (NYSE:WOLF) shares gapped down before the market opened on Monday . The stock had previously closed at $8.10, but opened at $7.93. Wolfspeed shares last traded at $7.84, with a volume of 1,188,425 shares.

Analysts Set New Price Targets

WOLF has been the subject of a number of analyst reports. Susquehanna reduced their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, The Goldman Sachs Group cut their price target on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $24.53.

Wolfspeed Trading Down 3.7 %

The company’s fifty day simple moving average is $13.67 and its two-hundred day simple moving average is $21.63. The company has a market capitalization of $981.67 million, a price-to-earnings ratio of -1.18 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Research analysts forecast that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA increased its position in Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after acquiring an additional 800,540 shares during the period. Cibc World Markets Corp bought a new position in Wolfspeed in the 4th quarter valued at approximately $34,808,000. Vanguard Group Inc. increased its holdings in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Finally, Samlyn Capital LLC raised its position in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares during the last quarter.

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.