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Wolfspeed Inc. (NYSE: WOLF) Stocks Fall -10.20% YTD; What Next For It?

Wolfspeed Inc. (NYSE:WOLF)’s traded shares stood at 2.98 million during the last session, with the company’s beta value hitting 1.58. At the close of trading, the stock’s price was $62.00, to imply a decrease of -1.76% or -$1.11 in intraday trading. The WOLF share’s 52-week high remains $125.48, putting it -102.39% down since that peak but still an impressive 6.34% since price per share fell to its 52-week low of $58.07. The company has a valuation of $8.32B, with an average of 2.53 million shares in intraday trading volume over the past 10 days and average of 2.37 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Overweight for Wolfspeed Inc. (WOLF), translating to a mean rating of 2.30. Of 22 analyst(s) looking at the stock, 1 analyst(s) give WOLF a Sell rating. 1 of those analysts rate the stock as Overweight while 7 advise Hold as 12 recommend it as a Buy. 1 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.15.

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Wolfspeed Inc. (NYSE:WOLF) trade information

After registering a -1.76% downside in the last session, Wolfspeed Inc. (WOLF) has traded red over the past five days. The stock hit a weekly high of 66.54 this Friday, 03/17/23, dropping -1.76% in its intraday price action. The 5-day price performance for the stock is -0.83%, and -25.27% over 30 days. With these gigs, the year-to-date price performance is -10.20%. Short interest in Wolfspeed Inc. (NYSE:WOLF) saw shorts transact 15.52 million shares and set a 5.85 days time to cover.

Analysts on Wall Street suggest a consensus price target of $92.32, implying an increase of 32.84% to the stock’s current value. The extremes give us $60.00 and $115.00 for target low and target high price respectively. As such, WOLF has been trading -85.48% off suggested target high and 3.23% from its likely low.

Wolfspeed Inc. (WOLF) estimates and forecasts

Looking at statistics comparing Wolfspeed Inc. share performance against respective industry, we note that the company has outperformed competitors. Wolfspeed Inc. (WOLF) shares are -46.99% down over the last 6 months, with its year-to-date growth rate higher than industry average at 10.00% against -26.60%. Revenue is forecast to shrink -25.00% this quarter before falling -450.00% for the next one. The rating firms project that company’s revenue will grow 22.90% compared to the previous financial year.

Revenue forecast for the current quarter as set by 16 analysts is $220.82 million. Meanwhile, for the quarter ending Jun 2023, a total of 16 analyst(s) estimate revenue growth to $235.68 million.Earnings reports from the last fiscal year show that sales brought in $188 million and $228.5 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 17.50% before jumping 3.10% in the following quarter.

WOLF Dividends

Wolfspeed Inc. has its next earnings report out between May 02 and May 08. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Wolfspeed Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Wolfspeed Inc. (NYSE:WOLF)’s Major holders

Wolfspeed Inc. insiders hold 0.70% of total outstanding shares, with institutional holders owning 107.53% of the shares at 108.29% float percentage. In total, 107.53% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 16.53 million shares (or 13.29% of shares), all amounting to roughly $1.71 billion.

The next major institution holding the largest number of shares is Capital Research Global Investors with 13.63 million shares, or about 10.95% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $1.41 billion.

We also have Growth Fund Of America Inc and Fundamental Investors Inc as the top two Mutual Funds with the largest holdings of the Wolfspeed Inc. (WOLF) shares. Going by data provided on Dec 30, 2022, Growth Fund Of America Inc holds roughly 7.5 million shares. This is just over 6.02% of the total shares, with a market valuation of $517.5 million. Data from the same date shows that the other fund manager holds a little less at 6.27 million, or 5.04% of the shares, all valued at about 432.7 million.

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