Wolfspeed (WOLF) to Release Earnings on Wednesday

Wolfspeed (NYSE:WOLFGet Rating) will release its earnings data after the market closes on Wednesday, January 25th. Analysts expect Wolfspeed to post 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 registering for the company’s conference call can do so using this link.

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

Wolfspeed Trading Down 4.8 %

Shares of Wolfspeed stock traded down $4.11 during trading hours on Tuesday, reaching $81.61. The stock had a trading volume of 3,651,579 shares, compared to its average volume of 2,385,381. The firm has a 50 day simple moving average of $79.67 and a two-hundred day simple moving average 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. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62. Wolfspeed has a 1 year low of $58.07 and a 1 year high of $125.48.

Insider Transactions at Wolfspeed

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Balyasny Asset Management LLC grew its stake in Wolfspeed by 113.6% during the 3rd quarter. Balyasny Asset Management LLC now owns 226,839 shares of the company’s stock worth $23,446,000 after buying an additional 120,617 shares during the last quarter. Macquarie Group Ltd. grew its stake in Wolfspeed by 12.5% during the 2nd quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock worth $3,551,000 after buying an additional 6,201 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in Wolfspeed by 536.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock worth $1,971,000 after buying an additional 26,187 shares during the last quarter. Baird Financial Group Inc. grew its stake in shares of Wolfspeed by 2.5% in the third quarter. Baird Financial Group Inc. now owns 26,645 shares of the company’s stock worth $2,754,000 after purchasing an additional 653 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new position in shares of Wolfspeed in the third quarter worth $1,975,000.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of research reports. Piper Sandler cut their price objective on Wolfspeed from $130.00 to $100.00 in a report on Thursday, October 27th. Citigroup dropped their target price on Wolfspeed from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, November 4th. BMO Capital Markets dropped their target price on Wolfspeed from $100.00 to $85.00 and set a “market perform” rating on the stock in a report on Thursday, October 27th. StockNews.com assumed coverage on Wolfspeed in a report on Wednesday, October 12th. They set a “sell” rating on the stock. Finally, Canaccord Genuity Group dropped their target price on Wolfspeed from $140.00 to $114.00 and set a “buy” rating on the stock in a report on Friday, October 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Wolfspeed has an average rating of “Moderate Buy” and a consensus target price of $102.67.

Wolfspeed Company Profile

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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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