Wolfspeed (WOLF) to Release Earnings on Wednesday

Wolfspeed (NYSE:WOLF – Get 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.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Wolfspeed (NYSE:WOLF – Get Rating) last announced its quarterly earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.01). The firm had revenue of $241.30 million for the quarter, compared to analyst estimates of $239.76 million. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. 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 WOLF stock traded down $4.11 on Tuesday, hitting $81.61. 3,651,579 shares of the stock traded hands, compared to its average volume of 2,385,381. The firm’s 50-day moving average price is $79.67 and its two-hundred day moving average price is $93.32. 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 stock has a market capitalization of $10.14 billion, a PE ratio of -62.30 and a beta of 1.46. Wolfspeed has a twelve month low of $58.07 and a twelve month high of $125.48.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Duy Loan T. Le purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was purchased at an average cost of $77.26 per share, with a total value of $77,260.00. Following the completion of the acquisition, the director now directly owns 25,662 shares of the company’s stock, valued at approximately $1,982,646.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Wolfspeed news, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction that occurred on Friday, November 18th. The stock was purchased at an average cost of $91.04 per share, with a total value of $182,080.00. Following the completion of the acquisition, the director now directly owns 29,662 shares of the company’s stock, valued at approximately $2,700,428.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Duy Loan T. Le acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 1st. The stock was purchased at an average cost of $77.26 per share, with a total value of $77,260.00. Following the completion of the acquisition, 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 corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently modified their holdings of WOLF. Toroso Investments LLC acquired a new stake in shares of Wolfspeed in the third quarter valued at approximately $131,000. Forum Financial Management LP purchased a new stake in shares of Wolfspeed during the first quarter worth approximately $200,000. Centiva Capital LP purchased a new stake in shares of Wolfspeed during the second quarter worth approximately $304,000. Captrust Financial Advisors raised its stake in shares of Wolfspeed by 20.2% during the second quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after purchasing an additional 1,180 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of Wolfspeed by 6.5% during the third quarter. B. Riley Wealth Advisors Inc. now owns 5,308 shares of the company’s stock worth $550,000 after purchasing an additional 324 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently weighed in on WOLF. William Blair started coverage on shares of Wolfspeed in a research report on Monday, October 17th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Wolfspeed from $125.00 to $106.00 and set an “overweight” rating on the stock in a report on Tuesday, December 20th. Cowen cut their price target on shares of Wolfspeed from $125.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, October 27th. Piper Sandler cut their price target on shares of Wolfspeed from $130.00 to $100.00 in a research note on Thursday, October 27th. Finally, Wells Fargo & Company cut their price target on shares of Wolfspeed from $130.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, October 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of “Moderate Buy” and an average price target of $102.67.

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.