Wolfspeed (NYSE:WOLF) Issues Q4 2024 Earnings Guidance

Wolfspeed (NYSE:WOLF) updated its fourth quarter 2024 earnings guidance on Monday. The company provided EPS guidance of -0.960–0.830 for the period, compared to the consensus EPS estimate of -0.780. The company issued revenue guidance of $185.0 million-$215.0 million, compared to the consensus revenue estimate of $201.1 million. Wolfspeed also updated its Q4 guidance to $(0.96)-(0.83) EPS.

Wall Street Analyst Weigh In

Several analysts have recently commented 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 for the company in a research note on Thursday, April 11th. Mizuho raised their target price 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. Susquehanna reduced their target price on shares of Wolfspeed from $25.00 to $23.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a hold rating for the company in a research note on Tuesday, May 7th. Finally, Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $47.00 to $45.00 and set a buy rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $35.43.

Wolfspeed Price Performance

NYSE:WOLF opened at $22.97 on Thursday. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The firm has a 50-day moving average price of $25.68 and a two-hundred day moving average price of $29.79. Wolfspeed has a twelve month low of $20.63 and a twelve month high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share 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 the consensus estimate of $201.49 million. Analysts expect that Wolfspeed will post -3.18 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the acquisition, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.62% 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.