Short Interest in Wolfspeed, Inc. (NYSE:WOLF) Rises By 22.2%

Wolfspeed, Inc. (NYSE:WOLF) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 8,542,670 shares, an increase of 22.2% from the January 29th total of 6,992,727 shares. Based on an average trading volume of 2,636,948 shares, the days-to-cover ratio is currently 3.2 days. Approximately 18.9% of the company’s shares are short sold. Approximately 18.9% of the company’s shares are short sold. Based on an average trading volume of 2,636,948 shares, the days-to-cover ratio is currently 3.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $34,000. Summit Securities Group LLC lifted its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after purchasing an additional 915 shares in the last quarter. Marex Group plc acquired a new position in Wolfspeed during the 2nd quarter worth about $44,000. Finally, Panagora Asset Management Inc. grew its holdings in shares of Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after purchasing an additional 99,740 shares in the last quarter.

Wolfspeed Price Performance

WOLF stock traded down $0.35 during trading on Tuesday, hitting $20.86. 1,765,868 shares of the company traded hands, compared to its average volume of 1,717,226. The stock’s 50-day simple moving average is $18.33 and its 200 day simple moving average is $16.91. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The company has a market cap of $940.56 million and a PE ratio of -2.96.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) EPS for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The company had revenue of $168.50 million for the quarter, compared to the consensus estimate of $170.00 million. During the same quarter in the previous year, the company posted ($0.95) EPS. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Research analysts expect that Wolfspeed will post -4 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Piper Sandler restated an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $12.75.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.