Wolfspeed Inc. (NYSE:WOLF) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -1.66% to the previous day’s close as strong demand from buyers drove the stock to $49.14.
Actively observing the price movement in the last trading, the stock closed the session at $49.97, falling within a range of $47.75 and $50.08. The value of beta (5-year monthly) was 1.52. Referring to stock’s 52-week performance, its high was $125.48, and the low was $39.02. On the whole, WOLF has fluctuated by -12.75% over the past month.
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With the market capitalization of Wolfspeed Inc. currently standing at about $6.00 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 15, 2023 – Aug 21, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.2, which is expected to increase to -$0.02 for fiscal year -$0.48 and then to about -$0.55 by fiscal year 2024. Data indicates that the EPS growth is expected to be 4.00% in 2024, while the next year’s EPS growth is forecast to be -14.60%.
Analysts have estimated the company’s revenue for the quarter at $222.88 million, with a low estimate of $221.8 million and a high estimate of $230 million. According to the average forecast, sales growth in current quarter could jump down -2.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $909.13 million, representing an increase of 21.80% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that WOLF’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of WOLF currently trading nearly 12.09% and -8.48% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.73, while the 7-day volatility ratio is showing 6.09% which for the 30-day chart, stands at 5.84%. Furthermore, Wolfspeed Inc. (WOLF)’s beta value is 1.51, and its average true range (ATR) is 2.70.
A comparison of Wolfspeed Inc. (WOLF) with its peers suggests the former has fared considerably weaker in the market. WOLF showed an intraday change of -1.66% in last session, and over the past year, it shrunk by -27.78%%. In comparison, NVIDIA Corporation (NVDA) has moved lower at -0.49% on the day and was up 80.72% over the past 12 months. On the other hand, the price of Broadcom Inc. (AVGO) has fallen -1.02% on the day. The stock, however, is off 29.10% from where it was a year ago. Additionally, there is a loss of -0.52% for QUALCOMM Incorporated (QCOM) in last trading while the stock has seen an overall depriciation of -22.03%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.
Data on historical trading for Wolfspeed Inc. (NYSE:WOLF) indicates that the trading volumes over the past 10 days have averaged 3.27 million and over the past 3 months, they’ve averaged 2.93 million. According to company’s latest data on outstanding shares, there are 124.44 million shares outstanding.
Nearly 0.80% of Wolfspeed Inc.’s shares belong to company insiders and institutional investors own 112.05% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 16.35 million shares as on Apr 27, 2023, resulting in a short ratio of 5.64. According to the data, the short interest in Wolfspeed Inc. (WOLF) stood at 13.14% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 15.11 million. The stock has fallen by -28.82% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the WOLF stock heading into the next quarter.