Wolfspeed (NYSE:WOLF) Shares Gap Down – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) gapped down prior to trading on Tuesday . The stock had previously closed at $17.76, but opened at $17.08. Wolfspeed shares last traded at $17.5350, with a volume of 330,687 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on WOLF shares. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Reduce” and an average target price of $12.75.

Wolfspeed Stock Down 0.2%

The firm’s 50 day simple moving average is $18.42 and its 200 day simple moving average is $17.53. The company has a market cap of $798.99 million and a price-to-earnings ratio of -2.52.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period last year, the business posted ($0.95) earnings per share. Wolfspeed’s quarterly revenue was down 6.6% on a year-over-year basis. Analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Andar Capital Management HK Ltd acquired a new stake in Wolfspeed in the third quarter worth about $48,000. 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 acquiring an additional 915 shares during the period. Eastern Bank bought a new stake in Wolfspeed during the fourth quarter worth approximately $46,000. Cinctive Capital Management LP bought a new stake in Wolfspeed during the fourth quarter worth approximately $176,000. Finally, Capital Investment Advisory Services LLC raised 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 worth $264,000 after buying an additional 1,783 shares in the last quarter.

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.