Wolfspeed (NYSE:WOLF) Trading Down 8.5% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 8.5% on Monday . The stock traded as low as $53.40 and last traded at $52.5110. Approximately 2,427,862 shares changed hands during trading, a decline of 45% from the average session volume of 4,444,683 shares. The stock had previously closed at $57.41.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several research reports. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Price Performance

The firm’s 50 day moving average price is $46.57 and its two-hundred day moving average price is $28.30. The stock has a market cap of $2.84 billion and a PE ratio of -5.17.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.72) earnings per share.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. Renesas Electronics America Inc. purchased a new stake in shares of Wolfspeed in the 4th quarter valued at $293,400,000. Capital Research Global Investors purchased a new position in Wolfspeed in the 3rd quarter worth $79,426,000. UBS Group AG lifted its stake in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after purchasing an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after buying an additional 906,968 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after buying an additional 881,603 shares during the period.

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.