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Wolfspeed (WOLF) Outpaces Stock Market Gains: What You Should Know
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Wolfspeed (WOLF - Free Report) closed at $42.38 in the latest trading session, marking a +0.93% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.67%. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 1.14%.
Coming into today, shares of the maker of energy-efficient lighting had lost 22.86% in the past month. In that same time, the Computer and Technology sector gained 1.08%, while the S&P 500 lost 0.73%.
Investors will be hoping for strength from Wolfspeed as it approaches its next earnings release. On that day, Wolfspeed is projected to report earnings of -$0.64 per share, which would represent a year-over-year decline of 1500%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $197.1 million, down 18.32% from the year-ago period.
WOLF's full-year Zacks Consensus Estimates are calling for earnings of -$2.41 per share and revenue of $989.98 million. These results would represent year-over-year changes of -66.21% and +7.38%, respectively.
It is also important to note the recent changes to analyst estimates for Wolfspeed. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 100.24% lower within the past month. Wolfspeed currently has a Zacks Rank of #4 (Sell).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 211, which puts it in the bottom 17% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Wolfspeed (WOLF) Outpaces Stock Market Gains: What You Should Know
Wolfspeed (WOLF - Free Report) closed at $42.38 in the latest trading session, marking a +0.93% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.67%. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 1.14%.
Coming into today, shares of the maker of energy-efficient lighting had lost 22.86% in the past month. In that same time, the Computer and Technology sector gained 1.08%, while the S&P 500 lost 0.73%.
Investors will be hoping for strength from Wolfspeed as it approaches its next earnings release. On that day, Wolfspeed is projected to report earnings of -$0.64 per share, which would represent a year-over-year decline of 1500%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $197.1 million, down 18.32% from the year-ago period.
WOLF's full-year Zacks Consensus Estimates are calling for earnings of -$2.41 per share and revenue of $989.98 million. These results would represent year-over-year changes of -66.21% and +7.38%, respectively.
It is also important to note the recent changes to analyst estimates for Wolfspeed. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 100.24% lower within the past month. Wolfspeed currently has a Zacks Rank of #4 (Sell).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 211, which puts it in the bottom 17% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.