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Wolfspeed (WOLF) Surges 11.0%: Is This an Indication of Further Gains?
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Wolfspeed (WOLF - Free Report) shares rallied 11% in the last trading session to close at $62.99. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.7% gain over the past four weeks.
The upswing in share price can be attributed to the news that Wolfspeed and Renesas have entered into a 10-year wafer supply agreement, signaling a major step forward in the adoption of silicon carbide technology. Renesas, a leading semiconductor solutions provider, has deposited $2 billion to secure a long-term commitment from Wolfspeed, the global leader in silicon carbide technology, for the supply of silicon carbide bare and epitaxial wafers.
This maker of energy-efficient lighting is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of -900%. Revenues are expected to be $223.36 million, down 2.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Wolfspeed, the consensus EPS estimate for the quarter has been revised 10.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on WOLF going forward to see if this recent jump can turn into more strength down the road.
Wolfspeed is a member of the Zacks Semiconductor - Discretes industry. One other stock in the same industry, Vishay Intertechnology (VSH - Free Report) , finished the last trading session 1.5% lower at $29.16. VSH has returned 11.9% over the past month.
For Vishay, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.60. This represents a change of -26.8% from what the company reported a year ago. Vishay currently has a Zacks Rank of #3 (Hold).
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Wolfspeed (WOLF) Surges 11.0%: Is This an Indication of Further Gains?
Wolfspeed (WOLF - Free Report) shares rallied 11% in the last trading session to close at $62.99. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.7% gain over the past four weeks.
The upswing in share price can be attributed to the news that Wolfspeed and Renesas have entered into a 10-year wafer supply agreement, signaling a major step forward in the adoption of silicon carbide technology. Renesas, a leading semiconductor solutions provider, has deposited $2 billion to secure a long-term commitment from Wolfspeed, the global leader in silicon carbide technology, for the supply of silicon carbide bare and epitaxial wafers.
This maker of energy-efficient lighting is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of -900%. Revenues are expected to be $223.36 million, down 2.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Wolfspeed, the consensus EPS estimate for the quarter has been revised 10.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on WOLF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Wolfspeed is a member of the Zacks Semiconductor - Discretes industry. One other stock in the same industry, Vishay Intertechnology (VSH - Free Report) , finished the last trading session 1.5% lower at $29.16. VSH has returned 11.9% over the past month.
For Vishay, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.60. This represents a change of -26.8% from what the company reported a year ago. Vishay currently has a Zacks Rank of #3 (Hold).