Wolfspeed (NYSE:WOLF) Reaches New 12-Month Low at $23.11

Wolfspeed, Inc. (NYSE:WOLFGet Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $23.11 and last traded at $23.58, with a volume of 312866 shares traded. The stock had previously closed at $23.72.

Analyst Ratings Changes

A number of research analysts recently commented on WOLF shares. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Susquehanna restated a “neutral” rating and issued a $35.00 price target on shares of Wolfspeed in a research report on Monday, April 8th. Finally, Piper Sandler reduced their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and an average target price of $43.63.

Read Our Latest Stock Analysis on WOLF

Wolfspeed Stock Down 6.5 %

The stock has a 50 day moving average price of $26.93 and a 200 day moving average price of $32.61. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of -3.65 and a beta of 1.66. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLFGet Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. As a group, analysts forecast that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Buying and Selling

In related news, Director Darren R. Jackson acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC increased its holdings in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. First Manhattan CO. LLC. bought a new stake in shares of Wolfspeed during the first quarter valued at approximately $39,000. Aspire Private Capital LLC increased its holdings in shares of Wolfspeed by 50.0% during the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock valued at $41,424,000,000 after acquiring an additional 200 shares in the last quarter. Penserra Capital Management LLC bought a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $43,000. Finally, Independence Bank of Kentucky increased its holdings in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares in the last quarter.

About Wolfspeed

(Get Free Report)

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.

Further Reading

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