Why Wolfspeed Rocketed 27% Higher (Again) on Monday
Shares of silicon carbide chipmaker (NYSE: WOLF) rocketed 26.9% on Monday. The move follows on a big up day last Wednesday as well.
Wolfspeed doesn't report earnings until May 8, and there wasn't any especially relevant company-specific news today. However, the beginning of earnings season has spurred some cautious optimism that Wolfspeed's end markets might be recovering.
With such a sky-high short interest of 41% of shares outstanding and 64% of Wolfspeed's float as of April 15, it appears as though many short sellers have decided -- or have been forced -- to close out their positions, leading to a "short squeeze."
Source Fool.com
Wolfspeed Inc. Stock
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5.620%
With 4 Buy predictions and 3 Sell predictions the community is currently undecided on Wolfspeed Inc..
Based on the current price of 1.09 € the target price of 4 € shows a potential of 267.14% for Wolfspeed Inc. which would more than double the current price.
