Wolfspeed (WOLF) Scheduled to Post Quarterly 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.Investors that are interested in participating in the company’s conference call can do so using this link.

Wolfspeed (NYSE:WOLF) last announced 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. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. On average, analysts expect Wolfspeed to post $-3 EPS for the current fiscal year and $-3 EPS for the next fiscal year.

Wolfspeed Stock Performance

Wolfspeed stock opened at $22.57 on Wednesday. The company’s 50-day moving average price is $26.71 and its 200-day moving average price is $32.45. Wolfspeed has a twelve month low of $21.85 and a twelve 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 company has a market cap of $2.84 billion, a PE ratio of -3.71 and a beta of 1.66.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

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

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.