Wolfspeed (NYSE:WOLF) Stock Price Down 4.8% – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s stock price dropped 4.8% during mid-day trading on Thursday . The company traded as low as $25.60 and last traded at $25.3650. Approximately 163,147 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 4,399,806 shares. The stock had previously closed at $26.65.

Analysts Set New Price Targets

A number of research analysts have recently commented on WOLF shares. Susquehanna dropped their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Weiss Ratings raised shares of Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th. TD Cowen restated a “hold” rating and issued a $25.00 target price on shares of Wolfspeed in a report on Thursday, August 20th. Finally, Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Price Performance

The company has a market cap of $1.43 billion and a PE ratio of -1.71. The company has a 50-day moving average price of $31.20 and a two-hundred day moving average price of $33.40.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, beating the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $150.00 million. The business’s quarterly revenue was down 24.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.77) earnings per share.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System acquired a new position in shares of Wolfspeed in the second quarter worth about $72,081,000. Readystate Asset Management LP acquired a new position in shares of Wolfspeed in the 2nd quarter valued at approximately $6,841,000. Concurrent Investment Advisors LLC acquired a new position in shares of Wolfspeed in the 2nd quarter valued at approximately $229,000. AXQ Capital LP purchased a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $208,000. Finally, Teza Capital Management LLC purchased a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $347,000.

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.