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

Wolfspeed, Inc. (NYSE:WOLF) shares 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 changing hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley reduced their target price on Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 25th. Canaccord Genuity Group reduced their price target on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a report on Tuesday, May 7th. Mizuho raised their target price on shares of Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, TD Cowen cut Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $25.00 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 has a consensus rating of “Hold” and an average target price of $35.43.

Wolfspeed Price Performance

The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The stock’s 50-day moving average is $25.03 and its 200 day moving average is $27.02.

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

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Marvin Riley purchased 1,866 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the purchase, 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 accessible through this link. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently made changes to their positions in WOLF. State of Michigan Retirement System raised its position in shares of Wolfspeed by 1.0% in the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after acquiring an additional 300 shares during the period. Independence Bank of Kentucky raised its holdings in Wolfspeed by 97.0% in the 4th 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 period. Fifth Third Bancorp boosted its position in 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 in the last quarter. Capital Investment Advisory Services LLC grew its holdings in Wolfspeed by 6.1% in the fourth quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock valued at $377,000 after purchasing an additional 500 shares during the period. Finally, New York State Teachers Retirement System grew its holdings in Wolfspeed by 0.3% in the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after purchasing an additional 500 shares during the period.

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.