Wolfspeed, Inc. (NYSE:WOLF) Sees Large Increase in Short Interest

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 27,680,291 shares, an increase of 71.9% from the April 30th total of 16,101,053 shares. Based on an average daily volume of 12,635,307 shares, the short-interest ratio is currently 2.2 days. Approximately 57.3% of the shares of the company are short sold.

Wolfspeed Stock Up 0.7%

Shares of Wolfspeed stock opened at $61.47 on Thursday. The stock has a market capitalization of $2.97 billion and a P/E ratio of -5.82. The company has a 50-day simple moving average of $38.38 and a 200 day simple moving average of $25.56. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The company’s revenue was down 19.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.72) EPS.

Analyst Ratings Changes

A number of brokerages have weighed in on WOLF. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $20.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WOLF. Royal Bank of Canada acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $89,000. Lazard Asset Management LLC acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $1,796,000. Sei Investments Co. acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $494,000. First Trust Advisors LP raised its holdings in shares of Wolfspeed by 60.6% in the first quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock valued at $1,614,000 after purchasing an additional 37,313 shares during the last quarter. Finally, Shah Capital Management raised its holdings in shares of Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after purchasing an additional 475,454 shares during the last quarter.

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.