Wolfspeed, Inc. (NYSE:WOLF) Short Interest Up 71.9% in May

Wolfspeed, Inc. (NYSE:WOLF) was the target of a significant increase in short interest in 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. Approximately 57.3% of the shares of the stock are short sold. Based on an average daily volume of 12,635,307 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analyst Weigh In

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

Wolfspeed Trading Up 15.0%

Shares of NYSE WOLF opened at $60.91 on Wednesday. The company has a market cap of $2.94 billion and a price-to-earnings ratio of -5.77. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82. The stock has a 50-day moving average price of $36.60 and a two-hundred day moving average price of $24.96.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Camden Asset Management L P CA acquired a new position in Wolfspeed during the third quarter worth about $9,452,000. Calamos Advisors LLC bought a new position in Wolfspeed in the fourth quarter valued at about $12,451,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wolfspeed during the third quarter valued at about $8,560,000. Silverback Asset Management LLC acquired a new stake in shares of Wolfspeed during the third quarter valued at about $8,191,000. Finally, Capital Research Global Investors acquired a new stake in shares of Wolfspeed during the third quarter valued at about $79,426,000.

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.