Wolfspeed (NYSE:WOLF) Shares Gap Down Following Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF)’s stock price gapped down prior to trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $13.71, but opened at $10.68. JPMorgan Chase & Co. currently has a neutral rating on the stock. Wolfspeed shares last traded at $10.38, with a volume of 4,968,062 shares.

Other research analysts have also issued reports about the stock. Susquehanna cut their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday. Morgan Stanley upped their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Bank of America cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, TD Cowen cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Two 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.86.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently made changes to their positions in WOLF. Mather Group LLC. boosted its holdings in Wolfspeed by 385.5% in 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. Eastern Bank purchased a new position in shares of Wolfspeed during the 3rd quarter worth $27,000. GAMMA Investing LLC boosted its stake in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares during the last quarter.

Wolfspeed Stock Down 36.2 %

The stock has a market capitalization of $1.11 billion, a P/E ratio of -1.31 and a beta of 1.46. The company’s 50-day moving average price is $10.96 and its 200 day moving average price is $18.23. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.09. The company had revenue of $194.70 million for the quarter, compared to the consensus estimate of $200.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, equities analysts expect that Wolfspeed, Inc. will post -4.07 earnings per share for the current year.

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.