Wolfspeed (NYSE:WOLF) Updates Q4 2024 Earnings Guidance

Wolfspeed (NYSE:WOLF) updated its fourth quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of -0.960–0.830 for the period, compared to the consensus earnings per share 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 research analysts have recently commented on the stock. TD Cowen lowered shares of Wolfspeed from a buy rating to a hold rating and dropped their price target for the stock from $40.00 to $25.00 in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Wolfspeed from $30.00 to $25.00 and set a hold rating on the stock in a research note on Tuesday, May 7th. 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 research note on Thursday, May 2nd. William Blair lowered shares of Wolfspeed from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. Finally, Mizuho raised 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $36.36.

Wolfspeed Price Performance

NYSE:WOLF opened at $22.95 on Tuesday. The company has a 50-day moving average of $25.80 and a 200-day moving average of $29.96. Wolfspeed has a 52 week low of $20.63 and a 52 week high of $70.42. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. The company had revenue of $200.70 million during 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, research analysts forecast that Wolfspeed will post -3.13 EPS for the current fiscal year.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley purchased 1,866 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.85% of the stock is currently owned by insiders.

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.