Wolfspeed (NYSE:WOLF) Shares Gap Down – What’s Next?

Wolfspeed, Inc. (NYSE:WOLF) gapped down before the market opened on Friday . The stock had previously closed at $69.96, but opened at $62.80. Wolfspeed shares last traded at $62.7650, with a volume of 2,380,795 shares.

Analyst Ratings Changes

Several research firms recently issued reports on WOLF. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Susquehanna decreased their target price on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Trading Down 14.1%

The business’s fifty day simple moving average is $25.59 and its two-hundred day simple moving average is $21.58. The stock has a market capitalization of $2.91 billion and a P/E ratio of -5.73.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same period last year, the company earned ($0.72) earnings per share. Wolfspeed’s revenue for the quarter was down 19.0% on a year-over-year basis.

Institutional Trading of Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. Goldman Sachs Group Inc. lifted its holdings in shares of Wolfspeed by 176.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the period. WINTON GROUP Ltd bought a new position in shares of Wolfspeed during the 2nd quarter worth about $47,000. Ilex Capital Partners UK LLP lifted its holdings in shares of Wolfspeed by 499.1% during the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after acquiring an additional 554,587 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Wolfspeed during the 2nd quarter worth about $34,000.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.