Wolfspeed (NYSE:WOLF) Issues Q3 Earnings Guidance

Wolfspeed (NYSE:WOLFGet Rating) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of ($0.16)-($0.12) for the period, compared to the consensus estimate of ($0.08). The company issued revenue guidance of $210-230 million, compared to the consensus revenue estimate of $249.45 million.

Wolfspeed Stock Up 0.4 %

Shares of WOLF stock traded up $0.35 during trading hours on Wednesday, reaching $81.96. 2,766,768 shares of the company’s stock were exchanged, compared to its average volume of 2,442,729. The stock’s 50 day moving average is $79.55 and its 200-day moving average is $93.27. The company has a market cap of $10.18 billion, a price-to-earnings ratio of -62.56 and a beta of 1.46. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62. Wolfspeed has a fifty-two week low of $58.07 and a fifty-two week high of $125.48.

Wolfspeed (NYSE:WOLFGet Rating) last issued its quarterly earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.01). The business had revenue of $241.30 million for the quarter, compared to analyst estimates of $239.76 million. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. Analysts predict that Wolfspeed will post -0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on WOLF. Morgan Stanley cut their target price on Wolfspeed from $106.00 to $88.00 and set an equal weight rating on the stock in a research report on Thursday, October 27th. BMO Capital Markets lowered their price target on shares of Wolfspeed from $100.00 to $85.00 and set a market perform rating on the stock in a report on Thursday, October 27th. Canaccord Genuity Group lowered their price target on shares of Wolfspeed from $140.00 to $114.00 and set a buy rating on the stock in a report on Friday, October 28th. StockNews.com initiated coverage on shares of Wolfspeed in a report on Wednesday, October 12th. They issued a sell rating on the stock. Finally, Susquehanna initiated coverage on shares of Wolfspeed in a report on Monday, December 12th. They issued a neutral rating and a $90.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $102.67.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Duy Loan T. Le acquired 2,000 shares of the company’s stock in a transaction on Friday, November 18th. The shares were bought at an average cost of $91.04 per share, for a total transaction of $182,080.00. Following the completion of the purchase, the director now owns 29,662 shares in the company, valued at approximately $2,700,428.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Duy Loan T. Le purchased 2,000 shares of the company’s stock in a transaction dated Friday, November 18th. The shares were acquired at an average cost of $91.04 per share, for a total transaction of $182,080.00. Following the completion of the purchase, the director now directly owns 29,662 shares in the company, valued at approximately $2,700,428.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Duy Loan T. Le purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were purchased at an average price of $77.26 per share, for a total transaction of $77,260.00. Following the completion of the purchase, the director now owns 25,662 shares of the company’s stock, valued at $1,982,646.12. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Forum Financial Management LP purchased a new stake in Wolfspeed during the first quarter worth about $200,000. Cubist Systematic Strategies LLC boosted its holdings in Wolfspeed by 536.7% during the second quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock worth $1,971,000 after buying an additional 26,187 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in Wolfspeed by 12.5% during the second quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock worth $3,551,000 after buying an additional 6,201 shares in the last quarter. Centiva Capital LP purchased a new stake in Wolfspeed during the second quarter worth about $304,000. Finally, Captrust Financial Advisors boosted its holdings in Wolfspeed by 20.2% during the second quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after buying an additional 1,180 shares in the last quarter.

About Wolfspeed

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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

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