Wolfspeed (NYSE:WOLF) Shares Down 4.4%

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 4.4% during trading on Tuesday . The company traded as low as $9.23 and last traded at $9.27. 157,525 shares were traded during mid-day trading, a decline of 97% from the average session volume of 5,512,132 shares. The stock had previously closed at $9.70.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Bank of America reduced their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Canaccord Genuity Group decreased their price target 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. Piper Sandler cut their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, Morgan Stanley cut their price target on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $24.53.

Wolfspeed Price Performance

The firm has a 50-day simple moving average of $11.97 and a 200 day simple moving average of $20.83. The firm has a market cap of $1.11 billion, a PE ratio of -1.42 and a beta of 1.52. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. As a group, equities analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Institutional Trading of Wolfspeed

Several institutional investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System boosted its holdings in shares of Wolfspeed by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after acquiring an additional 500 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in Wolfspeed by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock worth $2,393,000 after purchasing an additional 540 shares during the last quarter. TFO Wealth Partners LLC grew its position in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares during the period. Green Alpha Advisors LLC raised its stake in Wolfspeed by 2.6% during the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock valued at $771,000 after buying an additional 662 shares during the last quarter. Finally, Seven Eight Capital LP lifted its holdings in shares of Wolfspeed by 0.5% during the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock valued at $3,716,000 after buying an additional 675 shares during the period.

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.