Wolfspeed, Inc. (NYSE:WOLF) Short Interest Up 19.2% in September

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totalling 35,150,000 shares, a growth of 19.2% from the August 31st total of 29,500,000 shares. Based on an average daily trading volume, of 7,250,000 shares, the days-to-cover ratio is currently 4.8 days. Approximately 28.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have weighed in on WOLF. Mizuho dropped their price objective on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. TD Cowen cut their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Piper Sandler decreased their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 22nd. The Goldman Sachs Group decreased their target price on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $24.53.

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Primecap Management Co. CA grew its position in shares of Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC raised its position in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Wolfspeed in the fourth quarter worth approximately $34,808,000.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded down $0.48 during trading on Monday, reaching $9.70. 8,718,430 shares of the company traded hands, compared to its average volume of 5,540,563. The firm has a market capitalization of $1.22 billion, a PE ratio of -1.58 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. Wolfspeed has a 52 week low of $7.28 and a 52 week high of $47.43. The company’s 50 day moving average is $12.21 and its two-hundred day moving average is $20.94.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. As a group, sell-side analysts predict that Wolfspeed will post -3.84 earnings per share for the current year.

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.