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

Wolfspeed, Inc. (NYSE:WOLF) shares gapped down before the market opened on Monday . The stock had previously closed at $59.28, but opened at $54.78. Wolfspeed shares last traded at $54.7680, with a volume of 1,573,971 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WOLF. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Performance

The company has a market capitalization of $2.53 billion and a price-to-earnings ratio of -4.96. The business’s 50 day moving average price is $35.88 and its two-hundred day moving average price is $24.71.

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, beating the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. The firm’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.72) earnings per share.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently bought and sold shares of WOLF. Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed in the 2nd quarter worth approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $34,000. Summit Securities Group LLC lifted its stake in 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 purchasing an additional 915 shares during the last quarter. Marex Group plc bought a new stake in Wolfspeed during the second quarter worth approximately $44,000. Finally, Eastern Bank bought a new stake in Wolfspeed during the fourth quarter worth approximately $46,000.

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.