Wolfspeed (NYSE:WOLF) Stock Price Down 5.3% – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) dropped 5.3% during mid-day trading on Tuesday . The company traded as low as $3.40 and last traded at $3.31. Approximately 1,119,077 shares traded hands during trading, a decline of 93% from the average daily volume of 15,113,293 shares. The stock had previously closed at $3.49.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WOLF shares. Piper Sandler decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Wolfspeed in a research note on Friday, May 9th. Susquehanna lowered their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. The Goldman Sachs Group cut their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Canaccord Genuity Group lowered their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and a consensus price target of $11.15.

Wolfspeed Trading Down 7.0%

The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $505.01 million, a P/E ratio of -0.42 and a beta of 1.62. The firm has a 50 day simple moving average of $3.67 and a 200 day simple moving average of $5.95.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.10. The firm had revenue of $185.40 million during the quarter, compared to analysts’ expectations of $190.03 million. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The company’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.62) EPS. On average, equities research analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after acquiring an additional 299,304 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after buying an additional 335,966 shares during the period. Raiffeisen Bank International AG bought a new position in Wolfspeed in the fourth quarter worth approximately $1,782,000. Stifel Financial Corp increased its holdings in Wolfspeed by 413.0% during the 4th quarter. Stifel Financial Corp now owns 137,690 shares of the company’s stock worth $917,000 after purchasing an additional 110,848 shares during the period. Finally, South Dakota Investment Council raised its position in Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock valued at $4,778,000 after purchasing an additional 149,648 shares in the last quarter.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.