Wolfspeed (NYSE:WOLF) Stock Price Down 5.7% – Time to Sell?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded down 5.7% during trading on Tuesday . The stock traded as low as $5.62 and last traded at $5.67. 997,317 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 10,491,790 shares. The stock had previously closed at $6.01.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WOLF. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Piper Sandler reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Finally, Susquehanna reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Three equities research 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’s stock. Based on data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Price Performance

The company has a market capitalization of $757.98 million, a P/E ratio of -0.77 and a beta of 1.50. The company’s 50-day moving average price is $5.86 and its two-hundred day moving average price is $8.28. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -4 EPS for the current year.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp increased its position in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares during the period. R Squared Ltd bought a new position in Wolfspeed during the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC increased its position in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the period. KBC Group NV increased its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after acquiring an additional 2,629 shares during the period. Finally, Allworth Financial LP increased its position in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after acquiring an additional 1,949 shares during the period.

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.