Wolfspeed (NYSE:WOLF) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Wolfspeed (NYSE:WOLF – Get Free Report) issued its earnings results on Wednesday. The company reported ($2.44) EPS for the quarter, beating the consensus estimate of ($2.45) by $0.01, Zacks reports.

Wolfspeed Stock Performance

Shares of NYSE WOLF traded down $2.36 during midday trading on Wednesday, hitting $29.10. 8,232,249 shares of the company’s stock traded hands, compared to its average volume of 4,464,924. The firm has a fifty day moving average of $36.12 and a 200 day moving average of $32.61. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $80.82. The stock has a market capitalization of $1.51 billion and a price-to-earnings ratio of -2.76.

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Institutional Trading of Wolfspeed

Several large investors have recently added to or reduced their stakes in WOLF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Wolfspeed in the second quarter worth approximately $34,000. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed during the 2nd quarter worth $34,000. Summit Securities Group LLC grew its position in shares of Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the period. Marex Group plc purchased a new stake in shares of Wolfspeed in the 2nd quarter worth $44,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Wolfspeed in the 2nd quarter worth $47,000.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent analyst reports. Wall Street Zen cut Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Susquehanna reduced their price objective on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.00.

View Our Latest Analysis on WOLF

About Wolfspeed

(Get Free Report)

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.

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