Wolfspeed (NYSE:WOLF) Releases Q4 Earnings Guidance

Wolfspeed (NYSE:WOLFGet Free Report) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $(0.96)-(0.83) for the period, compared to the consensus estimate of ($0.78). The company issued revenue guidance of $185-215 million, compared to the consensus revenue estimate of $202.86 million.

Wolfspeed Stock Down 2.7 %

Shares of WOLF stock traded down $0.64 on Monday, hitting $22.95. The stock had a trading volume of 2,666,035 shares, compared to its average volume of 4,424,783. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The business has a 50 day moving average of $25.85 and a 200 day moving average of $30.08. Wolfspeed has a 12-month low of $20.63 and a 12-month high of $70.42. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -3.65 and a beta of 1.60.

Wolfspeed (NYSE:WOLFGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. As a group, analysts expect that Wolfspeed will post -3.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WOLF shares. TD Cowen downgraded Wolfspeed from a buy rating to a hold rating and reduced their price objective for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. Susquehanna decreased their price objective on shares of Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a report on Thursday, May 2nd. Mizuho boosted their target price on shares of Wolfspeed from $27.00 to $28.00 and gave the company a neutral rating in a research note on Tuesday, June 18th. William Blair lowered shares of Wolfspeed from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $30.00 to $25.00 and set a hold rating on the stock in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Wolfspeed presently has an average rating of Hold and an average price target of $36.36.

Get Our Latest Analysis on Wolfspeed

Insiders Place Their Bets

In other news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the acquisition, the director now owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.62% of the stock is owned by corporate insiders.

Wolfspeed Company Profile

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Wolfspeed (NYSE:WOLF)

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