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

Wolfspeed, Inc. (NYSE:WOLF) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totaling 27,680,291 shares, a growth 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 presently 2.2 days. Currently, 57.3% of the company’s stock are short sold.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently modified their holdings of WOLF. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed in the fourth quarter valued at about $293,400,000. Capital Research Global Investors bought a new stake in shares of Wolfspeed in the third quarter valued at about $79,426,000. UBS Group AG raised its stake in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler reissued 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $60.91 on Wednesday. The firm has a 50-day moving average of $36.60 and a 200-day moving average of $24.96. The stock has a market cap of $2.94 billion and a PE ratio of -5.77. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $80.82.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The company’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.

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.