Wolfspeed (WOLF) Scheduled to Post Quarterly Earnings on Wednesday

Wolfspeed (NYSE:WOLFGet Rating) is scheduled to issue its quarterly earnings data after the market closes on Wednesday, January 25th. Analysts expect the company to announce earnings of ($0.14) per share for the quarter. Wolfspeed has set its Q2 2023 guidance at -$0.16–$0.08 EPS and its Q2 guidance at ($0.08)-($0.16) EPS.Parties interested in listening to the company’s conference call can do so using this link.

Wolfspeed (NYSE:WOLFGet Rating) last posted its earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.01). Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. The firm had revenue of $241.30 million during the quarter, compared to analyst estimates of $239.76 million. On average, analysts expect Wolfspeed to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Wolfspeed Stock Performance

Shares of WOLF traded down $4.11 during trading hours on Tuesday, hitting $81.61. The stock had a trading volume of 3,651,579 shares, compared to its average volume of 2,385,381. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.97 and a current ratio of 4.61. The firm has a 50-day moving average price of $79.67 and a 200 day moving average price of $93.32. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of -62.30 and a beta of 1.46. Wolfspeed has a fifty-two week low of $58.07 and a fifty-two week high of $125.48.

Analyst Ratings Changes

WOLF has been the subject of a number of research reports. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $140.00 to $114.00 and set a “buy” rating for the company in a report on Friday, October 28th. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $125.00 to $106.00 and set an “overweight” rating for the company in a report on Tuesday, December 20th. Citigroup dropped their target price on shares of Wolfspeed from $115.00 to $100.00 and set a “buy” rating for the company in a report on Friday, November 4th. Susquehanna initiated coverage on shares of Wolfspeed in a report on Monday, December 12th. They set a “neutral” rating and a $90.00 target price for the company. Finally, BMO Capital Markets dropped their target price on shares of Wolfspeed from $100.00 to $85.00 and set a “market perform” rating for the company in a report on Thursday, October 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Moderate Buy” and an average price target of $102.67.

Insiders Place Their Bets

In other Wolfspeed news, Director Duy Loan T. Le purchased 1,000 shares of Wolfspeed stock in a transaction dated Tuesday, November 1st. The shares were acquired at an average price of $77.26 per share, with a total value of $77,260.00. Following the completion of the transaction, the director now owns 25,662 shares of the company’s stock, valued at $1,982,646.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Wolfspeed news, Director Duy Loan T. Le purchased 2,000 shares of Wolfspeed stock in a transaction dated Friday, November 18th. The shares were acquired at an average price of $91.04 per share, with a total value of $182,080.00. Following the completion of the transaction, the director now owns 29,662 shares of the company’s stock, valued at $2,700,428.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Duy Loan T. Le purchased 1,000 shares of Wolfspeed stock in a transaction dated Tuesday, November 1st. The shares were acquired at an average cost of $77.26 per share, for a total transaction of $77,260.00. Following the transaction, the director now directly owns 25,662 shares of the company’s stock, valued at approximately $1,982,646.12. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Several hedge funds have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its holdings in Wolfspeed by 6.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 5,308 shares of the company’s stock valued at $550,000 after acquiring an additional 324 shares in the last quarter. M&T Bank Corp raised its holdings in Wolfspeed by 10.3% in the third quarter. M&T Bank Corp now owns 5,745 shares of the company’s stock valued at $594,000 after acquiring an additional 535 shares in the last quarter. Baird Financial Group Inc. raised its holdings in Wolfspeed by 2.5% in the third quarter. Baird Financial Group Inc. now owns 26,645 shares of the company’s stock valued at $2,754,000 after acquiring an additional 653 shares in the last quarter. Captrust Financial Advisors raised its holdings in Wolfspeed by 20.2% in the second quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock valued at $445,000 after acquiring an additional 1,180 shares in the last quarter. Finally, Toroso Investments LLC purchased a new position in Wolfspeed in the third quarter valued at approximately $131,000.

About Wolfspeed

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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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Earnings History for Wolfspeed (NYSE:WOLF)

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