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Wolfspeed (WOLF) Stock Sinks As Market Gains: What You Should Know
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The latest trading session saw Wolfspeed (WOLF - Free Report) ending at $35.92, denoting a -1.83% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, added 0.36%.
Prior to today's trading, shares of the maker of energy-efficient lighting had lost 21.88% over the past month. This has lagged the Computer and Technology sector's gain of 4.29% and the S&P 500's gain of 2.4% in that time.
The investment community will be paying close attention to the earnings performance of Wolfspeed in its upcoming release. The company is slated to reveal its earnings on January 31, 2024. The company is forecasted to report an EPS of -$0.63, showcasing a 472.73% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $205.94 million, indicating a 4.7% decline compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$2.37 per share and a revenue of $884.69 million, signifying shifts of -63.45% and -4.04%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wolfspeed. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.47% lower. Wolfspeed presently features a Zacks Rank of #4 (Sell).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 207, positioning it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Wolfspeed (WOLF) Stock Sinks As Market Gains: What You Should Know
The latest trading session saw Wolfspeed (WOLF - Free Report) ending at $35.92, denoting a -1.83% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, added 0.36%.
Prior to today's trading, shares of the maker of energy-efficient lighting had lost 21.88% over the past month. This has lagged the Computer and Technology sector's gain of 4.29% and the S&P 500's gain of 2.4% in that time.
The investment community will be paying close attention to the earnings performance of Wolfspeed in its upcoming release. The company is slated to reveal its earnings on January 31, 2024. The company is forecasted to report an EPS of -$0.63, showcasing a 472.73% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $205.94 million, indicating a 4.7% decline compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$2.37 per share and a revenue of $884.69 million, signifying shifts of -63.45% and -4.04%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wolfspeed. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.47% lower. Wolfspeed presently features a Zacks Rank of #4 (Sell).
The Semiconductor - Discretes industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 207, positioning it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.