Wolfspeed, Inc. (NYSE:WOLF) Short Interest Up 22.2% in February

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WOLF. Andar Capital Management HK Ltd bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $48,000. Summit Securities Group LLC lifted its stake in shares of Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the last quarter. Eastern Bank bought a new position in Wolfspeed during the 4th quarter worth approximately $46,000. Cinctive Capital Management LP bought a new position in Wolfspeed during the 4th quarter worth approximately $176,000. Finally, Capital Investment Advisory Services LLC increased its stake in Wolfspeed by 13.3% in the 4th quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after purchasing an additional 1,783 shares during the period.

Analyst Ratings Changes

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

Wolfspeed Stock Down 5.0%

Shares of NYSE WOLF traded down $1.02 during mid-day trading on Thursday, reaching $19.57. 758,727 shares of the company were exchanged, compared to its average volume of 1,689,040. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $36.60. The stock has a market capitalization of $882.41 million and a PE ratio of -2.78. The company’s 50 day moving average price is $18.43 and its 200 day moving average price is $17.07.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, February 4th. The company reported ($6.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). The business had revenue of $168.50 million during the quarter, compared to analyst estimates of $170.00 million. During the same quarter last year, the firm earned ($0.95) EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. On average, sell-side analysts predict that Wolfspeed will post -4 earnings per share for the current year.

Wolfspeed Company Profile

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.