Wolfspeed (NYSE:WOLF) Stock Price Down 11.6% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) traded down 11.6% during mid-day trading on Tuesday . The company traded as low as $35.16 and last traded at $34.9040. Approximately 1,095,211 shares traded hands during trading, a decline of 76% from the average session volume of 4,498,897 shares. The stock had previously closed at $39.47.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Performance

The stock has a market cap of $1.83 billion and a PE ratio of -3.36. The company’s 50-day moving average price is $51.00 and its two-hundred day moving average price is $30.20.

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

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of WOLF. Summit Securities Group LLC increased its stake in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the period. Capital Investment Advisory Services LLC lifted its stake in shares of Wolfspeed by 13.3% in the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after purchasing an additional 1,783 shares during the period. Eastern Bank bought a new stake in shares of Wolfspeed during the 4th quarter valued at $46,000. Royal Bank of Canada purchased a new stake in shares of Wolfspeed in the 1st quarter worth about $89,000. Finally, Cinctive Capital Management LP bought a new position in shares of Wolfspeed in the 4th quarter worth about $176,000.

About Wolfspeed

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.