Wolfspeed (NYSE:WOLF) Reaches New 12-Month Low – Here’s What Happened

by · The Cerbat Gem

Shares of Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) hit a new 52-week low during trading on Thursday . The company traded as low as $6.22 and last traded at $6.24, with a volume of 2202711 shares traded. The stock had previously closed at $6.44.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Susquehanna decreased 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, November 7th. Bank of America decreased their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Mizuho dropped their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday. Morgan Stanley raised their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Canaccord Genuity Group cut their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.21.

Get Our Latest Report on Wolfspeed

Wolfspeed Trading Up 3.7 %

The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The business has a fifty day simple moving average of $10.74 and a 200 day simple moving average of $17.01.

Wolfspeed (NYSE:WOLF – Get Free Report) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Equities analysts forecast that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in the stock. Mather Group LLC. lifted its position in 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 period. Eastern Bank acquired a new position in shares of Wolfspeed during the 3rd quarter worth $27,000. GAMMA Investing LLC raised its stake in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after purchasing an additional 1,544 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in 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 purchasing an additional 691 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.

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