Wolfspeed, Inc. (NYSE:WOLF – Get Rating) was down 5.3% during trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $140.00 to $114.00. The stock traded as low as $80.08 and last traded at $81.35. Approximately 69,562 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 2,072,789 shares. The stock had previously closed at $85.90.
Several other research analysts have also issued reports on WOLF. StockNews.com started coverage on shares of Wolfspeed in a research note on Wednesday, October 12th. They issued a “sell” rating for the company. William Blair started coverage on shares of Wolfspeed in a research note on Monday, October 17th. They issued an “outperform” rating for the company. Cowen decreased their price target on shares of Wolfspeed from $125.00 to $100.00 in a research note on Thursday. The Goldman Sachs Group increased their price target on shares of Wolfspeed from $108.00 to $124.00 and gave the stock a “buy” rating in a research note on Friday, August 19th. Finally, Wells Fargo & Company reduced their price objective on shares of Wolfspeed from $130.00 to $110.00 and set an “overweight” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $115.94.
Insider Buying and Selling at Wolfspeed
In other news, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction on Thursday, August 25th. The shares were acquired at an average price of $120.34 per share, with a total value of $240,680.00. Following the completion of the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at $240,680. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.
Institutional Investors Weigh In On Wolfspeed
Several institutional investors and hedge funds have recently modified their holdings of the stock. Money Concepts Capital Corp increased its position in Wolfspeed by 534.0% in the third quarter. Money Concepts Capital Corp now owns 317 shares of the company’s stock worth $33,000 after purchasing an additional 267 shares during the last quarter. Allworth Financial LP increased its position in Wolfspeed by 57.5% in the third quarter. Allworth Financial LP now owns 408 shares of the company’s stock worth $42,000 after purchasing an additional 149 shares during the last quarter. Fifth Third Bancorp increased its position in Wolfspeed by 27.6% in the third quarter. Fifth Third Bancorp now owns 532 shares of the company’s stock worth $55,000 after purchasing an additional 115 shares during the last quarter. Wipfli Financial Advisors LLC bought a new stake in Wolfspeed in the third quarter worth $116,000. Finally, Capital Impact Advisors LLC bought a new stake in Wolfspeed in the second quarter worth $136,000.
Wolfspeed Price Performance
The firm’s 50-day moving average is $107.75 and its two-hundred day moving average is $89.79. The company has a market cap of $10.02 billion, a P/E ratio of -65.50 and a beta of 1.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 4.61 and a quick ratio of 3.95.
Wolfspeed (NYSE:WOLF – Get Rating) last announced its quarterly earnings results on Wednesday, August 17th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.12. The company had revenue of $228.50 million for the quarter, compared to analysts’ expectations of $207.58 million. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. Wolfspeed’s quarterly revenue was up 56.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) earnings per share. Analysts anticipate that Wolfspeed, Inc. will post -0.48 earnings per share for the current year.
Wolfspeed Company Profile
Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.