Wolfspeed (NYSE:WOLF) Stock Price Down 7.5% – Time to Sell?

Shares of Wolfspeed, Inc. (NYSE:WOLF) were down 7.5% during mid-day trading on Thursday . The stock traded as low as $5.56 and last traded at $5.41. Approximately 16,681,225 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 19,965,092 shares. The stock had previously closed at $5.85.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Canaccord Genuity Group decreased their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group cut their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Performance

The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The company has a market capitalization of $687.35 million, a PE ratio of -0.70 and a beta of 1.50. The firm’s 50-day simple moving average is $5.92 and its 200-day simple moving average is $8.17.

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

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans lifted its stake in Wolfspeed by 225.0% in the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after acquiring an additional 68,423 shares during the period. Intech Investment Management LLC lifted its position in shares of Wolfspeed by 13.8% in the 3rd quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock worth $540,000 after purchasing an additional 6,757 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Algert Global LLC boosted its stake in shares of Wolfspeed by 173.6% during the third quarter. Algert Global LLC now owns 145,216 shares of the company’s stock valued at $1,409,000 after purchasing an additional 92,140 shares in the last quarter. Finally, Qsemble Capital Management LP purchased a new position in Wolfspeed during the third quarter valued at approximately $802,000.

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.