Wolfspeed (NYSE:WOLF) Announces Earnings Results, Misses Expectations By $0.04 EPS

Wolfspeed (NYSE:WOLF) posted its earnings results on Wednesday. The company reported ($2.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.99) by ($0.04), FiscalAI reports. The business had revenue of $155.00 million for the quarter, compared to analyst estimates of $149.86 million.

Wolfspeed Stock Up 1.3%

NYSE:WOLF traded up $0.28 during midday trading on Wednesday, hitting $22.70. The company had a trading volume of 4,074,118 shares, compared to its average volume of 4,256,130. Wolfspeed has a 52-week low of $13.48 and a 52-week high of $80.82. The stock’s fifty day moving average price is $26.53 and its 200-day moving average price is $30.16. The company has a market capitalization of $1.20 billion, a PE ratio of -1.44 and a beta of 8.67.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Susquehanna decreased their price target on shares of Wolfspeed from $30.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Weiss Ratings cut Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, October 23rd. Zacks Research raised Wolfspeed to a “hold” rating in a report on Friday, September 25th. TD Cowen started coverage on Wolfspeed in a research report on Thursday, August 20th. They set a “hold” rating and a $25.00 price target for the company. Finally, Wall Street Zen cut shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 19th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average target price of $23.33.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.