Wolfspeed, Inc. (NYSE:WOLF) Short Interest Up 48.3% in March

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 63,670,000 shares, an increase of 48.3% from the March 15th total of 42,920,000 shares. Approximately 41.3% of the company's stock are short sold. Based on an average trading volume of 23,670,000 shares, the days-to-cover ratio is presently 2.7 days.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp grew its stake in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after acquiring an additional 3,548 shares during the period. R Squared Ltd purchased a new position in Wolfspeed during the fourth quarter valued at $28,000. Steward Partners Investment Advisory LLC grew its position in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares during the period. Beacon Capital Management LLC purchased a new stake in shares of Wolfspeed during the first quarter worth about $31,000. Finally, KBC Group NV raised its position in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after purchasing an additional 2,629 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Susquehanna lowered their target price on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. 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. Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group cut their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their target price on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Three 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $13.15.

Wolfspeed Stock Performance

NYSE WOLF traded up $0.17 during mid-day trading on Wednesday, reaching $2.68. 12,654,673 shares of the stock were exchanged, compared to its average volume of 12,866,434. The company has a market capitalization of $342.27 million, a P/E ratio of -0.35 and a beta of 1.69. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The business's 50 day moving average is $4.52 and its 200-day moving average is $7.30. Wolfspeed has a 1 year low of $2.06 and a 1 year high of $30.86.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) 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%. On average, equities research analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

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.