Wolfspeed (NYSE:WOLF) Short Interest Update

Key Points

• Wolfspeed saw a dramatic increase in short interest of 134,445.5% in July, with a total of 53.28 million shares shorted, indicating strong bearish sentiment towards the stock.
• Institutional investors have been active, with Vanguard Group Inc. raising its holdings by 18.8%, and Neuberger Berman Group LLC increasing its stake by 72.7%.
• Wolfspeed's most recent earnings report showed a negative EPS of ($0.72) and a decline in quarterly revenue compared to the prior year, highlighting ongoing financial challenges.

Wolfspeed (NYSE:WOLF - Get Free Report) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 53,280,000 shares, agrowthof134,445.5% from the June 30th total of 39,600 shares. Based on an average daily trading volume, of 65,610,000 shares, the short-interest ratio is presently 0.8 days. Approximately34.6% of the shares of the company are short sold. Approximately34.6% of the shares of the company are short sold. Based on an average daily trading volume, of 65,610,000 shares, the short-interest ratio is presently 0.8 days.

Institutional Trading of Wolfspeed

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after acquiring an additional 2,989,503 shares during the period. Primecap Management Co. CA lifted its position in Wolfspeed by 2.2% during the first quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock valued at $20,396,000 after purchasing an additional 146,106 shares in the last quarter. Neuberger Berman Group LLC lifted its position in Wolfspeed by 72.7% during the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company's stock valued at $13,723,000 after purchasing an additional 1,822,958 shares in the last quarter. Shah Capital Management purchased a new position in Wolfspeed during the first quarter valued at $6,586,000. Finally, Frontier Capital Management Co. LLC lifted its position in Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after purchasing an additional 995,020 shares in the last quarter.

Wolfspeed Stock Up 3.7%

Shares of Wolfspeed stock traded up $0.06 on Friday, reaching $1.56. The company's stock had a trading volume of 9,381,534 shares, compared to its average volume of 41,480,102. The company has a market capitalization of $242.00 million, a price-to-earnings ratio of -0.19 and a beta of 1.09. The firm's fifty day simple moving average is $1.32 and its two-hundred day simple moving average is $3.48. Wolfspeed has a 52 week low of $0.39 and a 52 week high of $17.45. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The business had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. During the same quarter last year, the company earned ($0.62) EPS. The company's quarterly revenue was down 7.6% compared to the same quarter last year. Equities analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Analysts Set New Price Targets

WOLF has been the topic of a number of analyst reports. Piper Sandler decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Citigroup restated a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $11.15.

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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