Wolfspeed (NYSE:WOLF) Stock Price Down 7.5% – Should You Sell?

Wolfspeed, Inc. (NYSE:WOLF) dropped 7.5% on Friday . The company traded as low as $6.95 and last traded at $6.92. Approximately 7,689,315 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 18,763,387 shares. The stock had previously closed at $7.48.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of recent analyst reports. Mizuho dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Roth Mkm dropped their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group dropped their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Stock Performance

The stock has a market capitalization of $869.07 million, a PE ratio of -0.89 and a beta of 1.43. The business’s 50 day moving average is $6.44 and its 200 day moving average is $9.13. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

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

Hedge Funds Weigh In On Wolfspeed

Several hedge funds have recently bought and sold shares of the business. New York State Teachers Retirement System grew its position in Wolfspeed by 1.3% in the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after acquiring an additional 1,885 shares during the last quarter. Allworth Financial LP grew its position in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after acquiring an additional 1,949 shares during the last quarter. Sterling Capital Management LLC grew its position in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock valued at $50,000 after acquiring an additional 2,533 shares during the last quarter. Ground Swell Capital LLC grew its position in Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock valued at $85,000 after acquiring an additional 2,611 shares during the last quarter. Finally, KBC Group NV grew its position in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after acquiring an additional 2,629 shares during 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.