Wolfspeed, Inc. (NYSE:WOLF) reported a loss for its fourth-quarter on Wednesday.
Wolfspeed reported quarterly losses of 89 cents per share, missing the consensus estimate of losses of 84 cents per share, and revenue of $200.7 million for the quarter, also missing the Street estimate. Fiscal-year losses of $2.59 per share and full-year revenue of $807.2 million both missed the analyst consensus estimates, as well.
"We have two priorities we are focused on: optimizing our capital structure for both the near term and long term and driving performance in our state-of-the-art, 200-millimeter fab, and this quarter was a step forward on both of these priorities," said Wolfspeed CEO, Gregg Lowe.
Wolfspeed sees first-quarter losses of between $1.09 and 90 cents per share, versus the estimate of losses of 84 cents, and revenue in a range of $185 million to $215 million, versus the $201.2 million estimate.
Wolfspeed shares fell 5% to trade at $12.83 on Thursday.
These analysts made changes to their price targets on Wolfspeed following earnings announcement.
- Mizuho analyst Vijay Rakesh maintained Wolfspeed with a Neutral and lowered the price target from $28 to $17.
- Piper Sandler analyst Harsh Kumar maintained the stock with an Overweight, while cutting the price target from $35 to $20.
- Susquehanna analyst Christopher Rolland maintained Wolfspeed with a Neutral and lowered the price target from $23 to $16.
- TD Cowen analyst Matthew Ramsay maintained the stock with a Hold and lowered the price target from $25 to $15.
Considering buying WOLF stock? Here’s what analysts think: