Wolfspeed (NYSE:WOLF) Shares Down 4.9% – Should You Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) traded down 4.9% on Monday . The company traded as low as $15.17 and last traded at $15.23. 1,269,581 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 6,267,485 shares. The stock had previously closed at $16.01.

Analyst Ratings Changes

WOLF has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their target price 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. Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. Susquehanna cut their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler reduced their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 22nd. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.43.

Wolfspeed Price Performance

The company has a fifty day simple moving average of $10.61 and a 200-day simple moving average of $19.08. The company has a market cap of $1.94 billion, a P/E ratio of -2.39 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 announced its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. On average, sell-side analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current year.

Institutional Trading of Wolfspeed

Hedge funds have recently bought and sold shares of the company. Eastern Bank acquired a new stake in shares of Wolfspeed during the third quarter valued at approximately $27,000. Everence Capital Management Inc. acquired a new stake in Wolfspeed during the 3rd quarter valued at $193,000. Slow Capital Inc. lifted its holdings in shares of Wolfspeed by 53.2% in the third quarter. Slow Capital Inc. now owns 210,496 shares of the company’s stock valued at $2,042,000 after purchasing an additional 73,107 shares in the last quarter. Rheos Capital Works Inc. boosted its position in shares of Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares during the period. Finally, Vontobel Holding Ltd. grew its holdings in shares of Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after buying an additional 1,835 shares in the last quarter.

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.