Wolfspeed (NYSE:WOLF) Updates Q4 Earnings Guidance

Wolfspeed (NYSE:WOLF) issued an update on its fourth quarter earnings guidance on Monday morning. 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 during trading on Monday, hitting $22.95. 2,666,035 shares of the company were exchanged, compared to its average volume of 4,424,783. The business’s 50-day simple moving average is $25.85 and its 200 day simple moving average is $30.08. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -3.65 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.03. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. As a group, analysts forecast that Wolfspeed will post -3.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Roth Mkm reissued a buy rating and issued a $50.00 target price on shares of Wolfspeed in a report on Tuesday, April 30th. William Blair cut Wolfspeed from an outperform rating to a market perform rating in a report on Thursday, May 2nd. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $50.00 to $47.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Citigroup cut their price target on shares of Wolfspeed from $29.00 to $25.00 and set a neutral rating for the company in a report on Thursday, May 2nd. Finally, Mizuho upped their price objective on shares of Wolfspeed from $27.00 to $28.00 and gave the stock a neutral rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of Hold and an average price target of $36.36.

Insider Activity

In related news, Director Marvin Riley purchased 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at $359,683.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.62% of the company’s stock.

Wolfspeed Company Profile

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.