In the latest trading session, 0.56 million Wolfspeed Inc (NYSE:WOLF) shares changed hands as the company’s beta touched 1.66. With the company’s most recent per share price at $37.08 changing hands around $0.37 or 1.01% at last look, the market valuation stands at $4.65B. WOLF’s current price is a discount, trading about -149.62% off its 52-week high of $92.56. The share price had its 52-week low at $27.35, which suggests the last value was 26.24% up since then. When we look at Wolfspeed Inc’s average trading volume, we note the 10-day average is 3.49 million shares, with the 3-month average coming to 3.44 million.
Analysts gave the Wolfspeed Inc (WOLF) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.09. If we narrow down to specifics, the data shows that 1 out of 23 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 9 recommended WOLF as a Hold, 12 felt it is a Buy and 1 rated the stock as Underweight. Wolfspeed Inc’s EPS for the current quarter is expected to be -$0.63.
Wolfspeed Inc (NYSE:WOLF) trade information
Instantly WOLF is in green as seen in intraday trades today. With action 14.87%, the performance over the past five days has been green. The jump to weekly highs of 38.07 on Friday, 11/17/23 added 1.01% to the stock’s daily price. The company’s shares are showing year-to-date downside of -46.29%, with the 5-day performance at 14.87% in the green. However, in the 30-day time frame, Wolfspeed Inc (NYSE:WOLF) is 16.31% up. Looking at the short shares, we see there were 18.57 million shares sold at short interest cover period of 4.45 days.
The consensus price target for the stock as assigned by Wall Street analysts is $44.47, meaning bulls need an upside of 16.62% from its recent market value. According to analyst projections, WOLF’s forecast low is $27.00 with $60.00 as the target high. To hit the forecast high, the stock’s price needs a -61.81% plunge from its current level, while the stock would need to tank 27.18% for it to hit the projected low.
Wolfspeed Inc (WOLF) estimates and forecasts
Data shows that the Wolfspeed Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -19.95% over the past 6 months, a -65.52% in annual growth rate that is considerably lower than the industry average of -36.90%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Wolfspeed Inc will fall -472.70%, while the growth in revenue is estimated to hit -384.60% for the next quarter. Year-over-year growth is forecast to reach -4.60% down from the last financial year.
Consensus estimates given by 14 financial analysts project the company’s revenue in the current quarter to hit an average of $206.36 million. 14 analysts are of the opinion that Wolfspeed Inc’s revenue for the quarter ending Mar 2024 will be $224.68 million.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 1.17%. The 2023 estimates are for Wolfspeed Inc earnings to decrease by -243.41%.
Wolfspeed Inc is expected to release its next quarterly earnings report between January 23 and January 29.
Wolfspeed Inc (NYSE:WOLF)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.62% of Wolfspeed Inc shares while 125.66% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 126.45%. There are 125.66% institutions holding the Wolfspeed Inc stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 13.83% of the shares, roughly 17.32 million WOLF shares worth $962.77 million.
Capital Research Global Investors holds the second largest percentage of outstanding shares, with 12.54% or 15.71 million shares worth $873.26 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Growth Fund Of America Inc and Fundamental Investors Inc. With 8.84 million shares estimated at $491.32 million under it, the former controlled 7.06% of total outstanding shares. On the other hand, Fundamental Investors Inc held about 4.68% of the shares, roughly 5.86 million shares worth around $325.63 million.