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Here's Why Wolfspeed (WOLF) Fell More Than Broader Market
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The most recent trading session ended with Wolfspeed (WOLF - Free Report) standing at $33.28, reflecting a -1.25% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily loss of 0.63%. Elsewhere, the Dow saw a downswing of 0.51%, while the tech-heavy Nasdaq depreciated by 0.63%.
Shares of the maker of energy-efficient lighting witnessed a loss of 23.77% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 1.17% and the S&P 500's loss of 2.35%.
The upcoming earnings release of Wolfspeed will be of great interest to investors. The company's earnings report is expected on October 30, 2023. The company's upcoming EPS is projected at -$0.67, signifying a 1575% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $203.73 million, indicating a 15.57% decline compared to the corresponding quarter of the prior year.
WOLF's full-year Zacks Consensus Estimates are calling for earnings of -$2.56 per share and revenue of $919.21 million. These results would represent year-over-year changes of -76.55% and -0.29%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Wolfspeed. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 5.13% lower. Wolfspeed is holding a Zacks Rank of #4 (Sell) right now.
The Semiconductor - Discretes industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 208, this industry ranks in the bottom 18% of all industries, numbering over 250.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Here's Why Wolfspeed (WOLF) Fell More Than Broader Market
The most recent trading session ended with Wolfspeed (WOLF - Free Report) standing at $33.28, reflecting a -1.25% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily loss of 0.63%. Elsewhere, the Dow saw a downswing of 0.51%, while the tech-heavy Nasdaq depreciated by 0.63%.
Shares of the maker of energy-efficient lighting witnessed a loss of 23.77% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 1.17% and the S&P 500's loss of 2.35%.
The upcoming earnings release of Wolfspeed will be of great interest to investors. The company's earnings report is expected on October 30, 2023. The company's upcoming EPS is projected at -$0.67, signifying a 1575% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $203.73 million, indicating a 15.57% decline compared to the corresponding quarter of the prior year.
WOLF's full-year Zacks Consensus Estimates are calling for earnings of -$2.56 per share and revenue of $919.21 million. These results would represent year-over-year changes of -76.55% and -0.29%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Wolfspeed. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 5.13% lower. Wolfspeed is holding a Zacks Rank of #4 (Sell) right now.
The Semiconductor - Discretes industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 208, this industry ranks in the bottom 18% of all industries, numbering over 250.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.