Wolfspeed (NYSE:WOLF) Shares Gap Down After Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down prior to trading on Tuesday after Mizuho lowered their price target on the stock from $10.00 to $6.00. The stock had previously closed at $7.02, but opened at $6.75. Mizuho currently has an underperform rating on the stock. Wolfspeed shares last traded at $6.72, with a volume of 1,479,146 shares trading hands.

A number of other analysts have also commented on WOLF. Susquehanna cut their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley lifted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA raised its stake in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the period. Two Sigma Advisers LP boosted its holdings in Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after acquiring an additional 147,527 shares during the period. Finally, Samlyn Capital LLC increased its holdings in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares in the last quarter.

Wolfspeed Price Performance

The business has a 50-day moving average price of $10.80 and a two-hundred day moving average price of $17.22. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company has a market capitalization of $882.48 million, a price-to-earnings ratio of -1.17 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. As a group, research analysts anticipate that Wolfspeed, Inc. will post -4.13 EPS for the current year.

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.