Wolfspeed (WOLF) Stock Moves 0.59%: What You Should Know

Zacks Equity Research
·2-min read

Wolfspeed (WOLF) closed the most recent trading day at $37.77, moving +0.59% from the previous trading session. This move traded in line with S&P 500. Meanwhile, the Dow gained 0.35%, and the Nasdaq, a tech-heavy index, added 0.83%.

Heading into today, shares of the maker of energy-efficient lighting had lost 21.11% over the past month, lagging the Computer and Technology sector's loss of 2.71% and the S&P 500's loss of 2.84% in that time.

Wall Street will be looking for positivity from Wolfspeed as it approaches its next earnings report date. On that day, Wolfspeed is projected to report earnings of -$0.64 per share, which would represent a year-over-year decline of 1500%. Our most recent consensus estimate is calling for quarterly revenue of $203.73 million, down 15.57% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$2.43 per share and revenue of $919.21 million, which would represent changes of -67.59% and -0.29%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Wolfspeed. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.59% lower within the past month. Wolfspeed is holding a Zacks Rank of #4 (Sell) right now.

The Semiconductor - Discretes industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 206, putting it in the bottom 19% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow WOLF in the coming trading sessions, be sure to utilize Zacks.com.

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