Short Interest in Wolfspeed, Inc. (NYSE:WOLF) Rises By 48.3%

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 63,670,000 shares, a growth of 48.3% from the March 15th total of 42,920,000 shares. Currently, 41.3% of the shares of the stock are short sold. Based on an average daily volume of 23,670,000 shares, the days-to-cover ratio is currently 2.7 days.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WOLF shares. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Bank of America lowered their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. Canaccord Genuity Group lowered their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of "Hold" and an average target price of $13.15.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently bought and sold shares of WOLF. Allworth Financial LP grew its stake in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after acquiring an additional 1,949 shares during the period. Sterling Capital Management LLC raised its stake in Wolfspeed by 51.4% during the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock valued at $50,000 after buying an additional 2,533 shares during the last quarter. Ground Swell Capital LLC boosted its stake in shares of Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company's stock worth $85,000 after buying an additional 2,611 shares during the last quarter. KBC Group NV increased its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after acquiring an additional 2,629 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter.

Wolfspeed Stock Down 0.8 %

Shares of Wolfspeed stock traded down $0.02 during trading hours on Monday, reaching $2.45. The company's stock had a trading volume of 14,461,365 shares, compared to its average volume of 12,866,310. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock's fifty day simple moving average is $4.59 and its two-hundred day simple moving average is $7.34. The company has a market capitalization of $312.90 million, a P/E ratio of -0.32 and a beta of 1.69. Wolfspeed has a one year low of $2.06 and a one year high of $30.86.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, research analysts forecast that Wolfspeed will post -4 earnings per share for the current year.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.