Wolfspeed (WOLF) Set to Announce Quarterly Earnings on Wednesday

Wolfspeed (NYSE:WOLF) will 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.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations 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 stock opened at $26.25 on Monday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. Wolfspeed has a fifty-two week low of $21.85 and a fifty-two week high of $70.42. The company has a market capitalization of $3.30 billion, a P/E ratio of -4.32 and a beta of 1.66. The stock has a 50 day moving average price of $26.55 and a two-hundred day moving average price of $32.29.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson acquired 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on WOLF. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Piper Sandler cut their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. 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, April 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company 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.