Wolfspeed (WOLF) to Release Earnings on Wednesday

Wolfspeed (NYSE:WOLF) is scheduled to issue its quarterly earnings data 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.Parties that wish to listen to 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, topping the consensus estimate 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 during 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

Shares of WOLF opened at $27.86 on Tuesday. The business has a 50-day simple moving average of $26.57 and a two-hundred day simple moving average of $32.26. 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.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Susquehanna reduced their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Piper Sandler lowered their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Finally, Mizuho started coverage on Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $41.00.

Insider Transactions at Wolfspeed

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 purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.85% of the company’s stock.

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.