Wolfspeed (NYSE:WOLF) Shares Down 7.3% – Here’s What Happened

Wolfspeed, Inc. (NYSE:WOLF) was down 7.3% during trading on Thursday . The company traded as low as $25.32 and last traded at $25.2920. 269,047 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 4,347,300 shares. The stock had previously closed at $27.28.

Analysts Set New Price Targets

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

Wolfspeed Price Performance

The company has a market cap of $1.37 billion and a price-to-earnings ratio of -1.63. The firm has a fifty day simple moving average of $28.80 and a 200 day simple moving average of $33.71.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.45) by $0.19. The firm had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.00 million. During the same quarter in the previous year, the firm posted ($0.77) earnings per share. Wolfspeed’s quarterly revenue was down 24.1% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors have recently made changes to their positions in WOLF. Renesas Electronics America Inc. acquired a new position in shares of Wolfspeed during the second quarter worth approximately $813,126,949. First Trust Advisors LP grew its stake in shares of Wolfspeed by 60.6% in the first quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock worth $1,614,000 after acquiring an additional 37,313 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Wolfspeed in the first quarter worth $1,796,000. Panview Capital Ltd bought a new position in Wolfspeed during the second quarter worth $6,952,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in Wolfspeed during the fourth quarter worth $6,416,000.

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.