Wolfspeed (NYSE:WOLF) Releases Q1 Earnings Guidance

Wolfspeed (NYSE:WOLFGet Rating) updated its first quarter earnings guidance on Wednesday. The company provided EPS guidance of $(0.02)-$(0.08) for the period, compared to the consensus EPS 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.

Wolfspeed Stock Performance

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on WOLF shares. The Goldman Sachs Group raised shares of Wolfspeed to a buy rating and reduced their price objective for the company from $125.00 to $108.00 in a research note on Friday, June 24th. Citigroup decreased their price objective on shares of Wolfspeed from $125.00 to $95.00 and set a buy rating on the stock in a report on Thursday, May 26th. StockNews.com upgraded shares of Wolfspeed to a sell rating in a research report on Friday, July 22nd. Oppenheimer raised Wolfspeed to an outperform rating and set a $105.00 target price on the stock in a report on Thursday, June 2nd. Finally, JPMorgan Chase & Co. dropped their target price on Wolfspeed from $105.00 to $80.00 and set a neutral rating for the company in a research report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $113.79.

Insiders Place Their Bets

In other Wolfspeed news, Director John B. Replogle bought 7,463 shares of Wolfspeed stock in a transaction dated Monday, May 23rd. The shares were purchased at an average cost of $67.65 per share, with a total value of $504,871.95. Following the completion of the purchase, the director now owns 68,235 shares of the company’s stock, valued at $4,616,097.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John B. Replogle bought 7,463 shares of the business’s stock in a transaction dated Monday, May 23rd. The shares were purchased at an average price of $67.65 per share, with a total value of $504,871.95. Following the purchase, the director now owns 68,235 shares of the company’s stock, valued at approximately $4,616,097.75. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Glenda Dorchak sold 1,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $575,321.89. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. raised its holdings in Wolfspeed by 12.5% in the second quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock worth $3,551,000 after purchasing an additional 6,201 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in 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 acquiring an additional 26,187 shares during the period. Captrust Financial Advisors boosted its stake 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 acquiring an additional 1,180 shares in the last quarter. Centiva Capital LP purchased a new stake in Wolfspeed in the second quarter worth about $304,000. Finally, Forum Financial Management LP bought a new position in shares of Wolfspeed during the first quarter valued at approximately $200,000. Hedge funds and other institutional investors own 98.56% of the company’s stock.

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.

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