Wolfspeed (NYSE:WOLF) Shares Gap Down to $21.71

Shares of Wolfspeed, Inc. (NYSE:WOLF) gapped down before the market opened on Tuesday . The stock had previously closed at $21.71, but opened at $21.07. Wolfspeed shares last traded at $21.60, with a volume of 153,378 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on WOLF shares. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Roth Mkm restated a “buy” rating and set a $50.00 target price on shares of Wolfspeed in a research note on Tuesday, April 30th. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Finally, Citigroup cut their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.43.

Wolfspeed Price Performance

The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -3.32 and a beta of 1.60. The company has a fifty day moving average price of $25.24 and a two-hundred day moving average price of $27.22. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. On average, equities research analysts expect that Wolfspeed, Inc. will post -3.21 EPS for the current fiscal year.

Insider Activity

In other news, Director Marvin Riley acquired 1,866 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the acquisition, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Large investors have recently modified their holdings of the stock. TFO Wealth Partners LLC raised its stake in shares of Wolfspeed by 57,400.0% during 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 during the last quarter. Independence Bank of Kentucky raised its stake in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed during the fourth quarter worth approximately $48,000. Mather Group LLC. raised its stake in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock worth $37,000 after purchasing an additional 452 shares during the last quarter.

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.