Wolfspeed, Inc. (NYSE:WOLF – Get Free Report)’s stock price gapped down prior to trading 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 Analysts Forecast Growth
A number of brokerages have commented on WOLF. Wells Fargo & Company reiterated an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Susquehanna decreased their price objective on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.43.
Wolfspeed Trading Down 3.5 %
The stock has a 50-day moving average of $25.24 and a two-hundred day moving average of $27.22. The company has a market cap of $2.64 billion, a P/E ratio of -3.24 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58.
Wolfspeed (NYSE:WOLF – Get Free Report) last issued its quarterly earnings results 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 firm 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 predict that Wolfspeed, Inc. will post -3.21 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Marvin Riley purchased 1,866 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the acquisition, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.62% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. TFO Wealth Partners LLC raised its position in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares during the last quarter. Mather Group LLC. raised its holdings in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the last quarter. Independence Bank of Kentucky lifted its position in 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 purchasing an additional 350 shares during the period. Fifth Third Bancorp boosted its holdings in Wolfspeed by 56.9% in 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. Finally, Rakuten Securities Inc. bought a new stake in Wolfspeed in the 4th quarter worth approximately $48,000.
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.