Short Interest in Wolfspeed, Inc. (NYSE:WOLF) Declines By 93.5%

Key Points

• Wolfspeed, Inc. experienced a significant decrease in short interest, dropping by 93.5% from 50,540,000 shares to 3,300,000 shares as of September 30th.
• The company currently has approximately 12.9% of its stock sold short, with a days-to-cover ratio of 0.1 days based on an average daily volume of 31,650,000 shares.
• Wolfspeed's stock has an average price target of $9.22, with analysts rating the stock as "Reduce," amidst a mix of buy, hold, and sell ratings from various investment analysts.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 3,300,000 shares, a drop of 93.5% from the September 15th total of 50,540,000 shares. Based on an average daily volume of 31,650,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 12.9% of the company's stock are sold short. Approximately 12.9% of the company's stock are sold short. Based on an average daily volume of 31,650,000 shares, the days-to-cover ratio is presently 0.1 days.

Wolfspeed Price Performance

Shares of NYSE WOLF traded up $0.01 during mid-day trading on Thursday, hitting $32.44. The company had a trading volume of 3,204,391 shares, compared to its average volume of 9,706,797. The company has a market capitalization of $838.25 million and a PE ratio of -2.88. Wolfspeed has a 1-year low of $8.05 and a 1-year high of $36.60. The business's 50-day simple moving average is $9.29 and its 200 day simple moving average is $4.54.

Institutional Trading of Wolfspeed

Several hedge funds have recently modified their holdings of WOLF. N.E.W. Advisory Services LLC acquired a new position in shares of Wolfspeed during the first quarter worth $28,000. Beacon Capital Management LLC purchased a new stake in Wolfspeed during the 1st quarter worth about $31,000. Wealthfront Advisers LLC acquired a new position in shares of Wolfspeed during the 1st quarter worth about $32,000. MAI Capital Management increased its holdings in shares of Wolfspeed by 894.9% in the 1st quarter. MAI Capital Management now owns 10,815 shares of the company's stock valued at $33,000 after acquiring an additional 9,728 shares during the last quarter. Finally, Twin Tree Management LP acquired a new stake in shares of Wolfspeed during the 1st quarter worth about $42,000.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Wolfspeed in a research note on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $9.22.

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.

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