Wolfspeed (NYSE:WOLF) Reaches New 1-Year Low – Here’s Why

Shares of Wolfspeed, Inc. (NYSE:WOLF) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $7.28 and last traded at $7.30, with a volume of 2234669 shares changing hands. The stock had previously closed at $7.60.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WOLF shares. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. TD Cowen lowered their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group lowered their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Trading Down 11.8 %

The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm has a market cap of $855.68 million, a P/E ratio of -1.13 and a beta of 1.46. The firm has a 50 day simple moving average of $10.81 and a 200 day simple moving average of $17.40.

Wolfspeed (NYSE:WOLF) last released 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). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, equities research analysts predict that Wolfspeed, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently added to or reduced their stakes in WOLF. Iridian Asset Management LLC CT lifted its position in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Lazard Asset Management LLC grew its position in Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after acquiring an additional 70,170 shares in the last quarter. Rheos Capital Works Inc. increased its stake in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after acquiring an additional 250,000 shares during the last quarter. Vanguard Group Inc. raised its position in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Finally, Boston Partners bought a new stake in Wolfspeed during the first quarter worth about $1,621,000.

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.