Wolfspeed (NYSE:WOLF) Updates Q1 Earnings Guidance

Wolfspeed (NYSE:WOLFGet Rating) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $(0.02)-$(0.08) for the period, compared to the consensus estimate of ($0.07). The company issued revenue guidance of $232.5-247.5 million, compared to the consensus revenue estimate of $224.45 million. Wolfspeed also updated its Q1 2023 guidance to -$0.08–$0.02 EPS.

Analysts Set New Price Targets

Several brokerages recently weighed in on WOLF. Citigroup decreased their price target on Wolfspeed from $125.00 to $95.00 and set a buy rating for the company in a report on Thursday, May 26th. Wells Fargo & Company lowered their target price on shares of Wolfspeed from $130.00 to $100.00 and set an overweight rating on the stock in a report on Monday, July 11th. StockNews.com raised shares of Wolfspeed to a sell rating in a report on Friday, July 22nd. Piper Sandler lowered their price objective on Wolfspeed from $160.00 to $130.00 in a report on Thursday, May 5th. Finally, Bank of America dropped their target price on Wolfspeed from $95.00 to $75.00 and set an underperform rating on the stock in a research report on Wednesday, June 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $113.79.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded down $2.94 during midday trading on Wednesday, hitting $85.65. 1,980,295 shares of the stock were exchanged, compared to its average volume of 1,772,158. Wolfspeed has a twelve month low of $58.07 and a twelve month high of $142.33. The company has a current ratio of 5.70, a quick ratio of 5.02 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $81.28 and a 200-day moving average price of $73.49. The stock has a market cap of $10.59 billion, a P/E ratio of -26.44 and a beta of 1.72.

Insider Buying and Selling at Wolfspeed

In related news, Director Glenda Dorchak sold 1,000 shares of Wolfspeed stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $75.79, for a total transaction of $75,790.00. Following the completion of the transaction, the director now directly owns 7,591 shares in the company, valued at approximately $575,321.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Glenda Dorchak sold 1,000 shares of the stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $75.79, for a total transaction of $75,790.00. Following the sale, the director now owns 7,591 shares of the company’s stock, valued at $575,321.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Replogle bought 7,463 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The stock was purchased at an average cost of $67.65 per share, with a total value of $504,871.95. Following the purchase, the director now directly owns 68,235 shares in the company, valued at approximately $4,616,097.75. The disclosure for this purchase can be found here. 0.61% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Forum Financial Management LP acquired a new stake in shares of Wolfspeed during the first quarter worth $200,000. Centiva Capital LP purchased a new position in Wolfspeed during the second quarter worth approximately $304,000. Captrust Financial Advisors boosted its holdings in shares of Wolfspeed by 20.2% in the 2nd quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock valued at $445,000 after purchasing an additional 1,180 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Wolfspeed by 536.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock valued at $1,971,000 after buying an additional 26,187 shares during the period. Finally, Macquarie Group Ltd. raised its position in shares of Wolfspeed by 12.5% in the 2nd 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 during the period. 98.56% of the stock is currently owned by institutional investors and hedge funds.

About Wolfspeed

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Wolfspeed, Inc provides silicon carbide and gallium nitride (GaN) materials, power devices, and radio frequency (RF) devices based on wide bandgap semiconductor materials and silicon. The company's silicon carbide and GaN materials comprise silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers.

Further Reading

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