Wolfspeed (NYSE:WOLF) Releases Earnings Results, Misses Estimates By $0.04 EPS

Wolfspeed (NYSE:WOLF) announced its earnings results on Wednesday. The company reported ($2.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.04), FiscalAI reports. The firm had revenue of $155.00 million during the quarter, compared to analysts’ expectations of $149.86 million.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded up $0.28 during trading hours on Wednesday, reaching $22.70. The company had a trading volume of 4,074,118 shares, compared to its average volume of 4,256,130. The firm has a market cap of $1.20 billion, a PE ratio of -1.44 and a beta of 8.67. Wolfspeed has a one year low of $13.48 and a one year high of $80.82. The business has a fifty day simple moving average of $26.53 and a 200 day simple moving average of $30.16.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WOLF. Susquehanna lowered their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 21st. Zacks Research upgraded Wolfspeed to a “hold” rating in a research note on Friday, September 25th. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 19th. TD Cowen assumed coverage on shares of Wolfspeed in a report on Thursday, August 20th. They set a “hold” rating and a $25.00 price objective on the stock. Finally, Weiss Ratings lowered shares of Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $23.33.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.