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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of a large growth in short interest in 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. Based on an average daily trading volume, of 23,670,000 shares, the short-interest ratio is presently 2.7 days. Currently, 41.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several research analyst reports. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. The Goldman Sachs Group dropped their price objective 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. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Finally, Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $13.15.

Wolfspeed Price Performance

WOLF opened at $2.47 on Friday. Wolfspeed has a 1 year low of $2.06 and a 1 year high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The company has a market capitalization of $315.96 million, a price-to-earnings ratio of -0.32 and a beta of 1.69. The firm’s fifty day moving average price is $4.64 and its two-hundred day moving average price is $7.39.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently made changes to their positions in the business. SG Americas Securities LLC grew its position in Wolfspeed by 422.0% during the first quarter. SG Americas Securities LLC now owns 533,965 shares of the company’s stock valued at $1,634,000 after buying an additional 431,680 shares during the period. GAMMA Investing LLC grew its position in shares of Wolfspeed by 126.7% during the 1st quarter. GAMMA Investing LLC now owns 17,158 shares of the company’s stock valued at $53,000 after acquiring an additional 9,589 shares during the period. Yousif Capital Management LLC increased its stake in shares of Wolfspeed by 16.8% during the 1st quarter. Yousif Capital Management LLC now owns 56,559 shares of the company’s stock worth $173,000 after purchasing an additional 8,137 shares during the last quarter. Green Alpha Advisors LLC raised its holdings in shares of Wolfspeed by 215.5% in the 1st quarter. Green Alpha Advisors LLC now owns 71,210 shares of the company’s stock worth $218,000 after purchasing an additional 48,636 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of Wolfspeed by 10.8% in the 1st quarter. Rhumbline Advisers now owns 342,505 shares of the company’s stock worth $1,048,000 after purchasing an additional 33,361 shares during the period.

Wolfspeed Company Profile

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.