Wolfspeed (NYSE:WOLF) Stock Price Down 8.9% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF) shares traded down 8.9% on Thursday . The company traded as low as $13.68 and last traded at $13.71. Approximately 3,551,597 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 6,386,851 shares. The stock had previously closed at $15.05.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America lowered their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. The Goldman Sachs Group lowered their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. TD Cowen decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $22.43.

Wolfspeed Stock Down 12.4 %

The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The company has a fifty day simple moving average of $10.89 and a 200 day simple moving average of $18.62. The firm has a market capitalization of $1.67 billion, a P/E ratio of -1.98 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. On average, equities analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Mather Group LLC. increased its holdings in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares in the last quarter. Signaturefd LLC boosted its position in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the last quarter. Eastern Bank purchased a new position in shares of Wolfspeed in the third quarter valued at $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Wolfspeed in the second quarter worth $75,000.

Wolfspeed Company Profile

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.