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Wolfspeed (WOLF) Laps the Stock Market: Here's Why
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Wolfspeed (WOLF - Free Report) closed at $36.86 in the latest trading session, marking a +1.68% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.38%. Elsewhere, the Dow gained 1.47%, while the tech-heavy Nasdaq lost 0.23%.
Coming into today, shares of the maker of energy-efficient lighting had gained 9.38% in the past month. In that same time, the Computer and Technology sector gained 14.04%, while the S&P 500 gained 10.72%.
The investment community will be closely monitoring the performance of Wolfspeed in its forthcoming earnings report. The company is predicted to post an EPS of -$0.64, indicating a 481.82% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $205.94 million, indicating a 4.7% decrease compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$2.40 per share and a revenue of $884.69 million, signifying shifts of -65.52% and -4.04%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Wolfspeed. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.97% increase. Right now, Wolfspeed possesses a Zacks Rank of #3 (Hold).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 85, finds itself in the top 34% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Wolfspeed (WOLF) Laps the Stock Market: Here's Why
Wolfspeed (WOLF - Free Report) closed at $36.86 in the latest trading session, marking a +1.68% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.38%. Elsewhere, the Dow gained 1.47%, while the tech-heavy Nasdaq lost 0.23%.
Coming into today, shares of the maker of energy-efficient lighting had gained 9.38% in the past month. In that same time, the Computer and Technology sector gained 14.04%, while the S&P 500 gained 10.72%.
The investment community will be closely monitoring the performance of Wolfspeed in its forthcoming earnings report. The company is predicted to post an EPS of -$0.64, indicating a 481.82% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $205.94 million, indicating a 4.7% decrease compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$2.40 per share and a revenue of $884.69 million, signifying shifts of -65.52% and -4.04%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Wolfspeed. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.97% increase. Right now, Wolfspeed possesses a Zacks Rank of #3 (Hold).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 85, finds itself in the top 34% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.