Wolfspeed (WOLF) to Release Earnings on Wednesday

Wolfspeed (NYSE:WOLF) is set to announce its earnings results after the market closes on Wednesday, May 1st. Analysts expect the company to announce 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 listen to the company’s earnings conference call can do so using this link.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. The company 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 Up 6.1 %

Shares of Wolfspeed stock opened at $27.86 on Tuesday. Wolfspeed has a 12 month low of $21.85 and a 12 month high of $70.42. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The business has a fifty day simple moving average of $26.57 and a 200-day simple moving average of $32.26.

Insider Buying and Selling at Wolfspeed

In other news, Director Darren R. Jackson purchased 10,000 shares of Wolfspeed stock in a transaction on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on WOLF. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Mizuho started coverage on Wolfspeed in a research note on Friday, April 5th. They set a “neutral” rating and a $30.00 price target on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research report on Tuesday, April 23rd. Finally, Susquehanna lowered their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $41.00.

About Wolfspeed

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.