Wolfspeed (WOLF) Scheduled to Post Quarterly Earnings on Wednesday

Wolfspeed (NYSE:WOLF) will be releasing its earnings data after the market closes on Wednesday, May 1st. Analysts expect Wolfspeed to post earnings of ($0.64) per share for the quarter. Wolfspeed has set its Q3 2024 guidance at -0.690–0.570 EPS.Persons that wish to register for the company’s earnings conference call can do so using this link.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. On average, analysts expect Wolfspeed to post $-3 EPS for the current fiscal year and $-3 EPS for the next fiscal year.

Wolfspeed Trading Down 5.7 %

Shares of WOLF stock opened at $22.57 on Wednesday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock has a market capitalization of $2.84 billion, a P/E ratio of -3.71 and a beta of 1.66. The company has a 50 day moving average price of $26.71 and a 200 day moving average price of $32.45. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42.

Insider Activity

In related news, Director Darren R. Jackson bought 10,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the acquisition, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WOLF. Susquehanna dropped their price objective on shares of Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Mizuho began coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.88.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, 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.