(WOLF) - Analyzing Wolfspeed's Short Interest
Portfolio Pulse from Benzinga Insights
Wolfspeed's (NYSE:WOLF) short interest has increased by 3.34%, with 20.29 million shares sold short, representing 22.29% of its float. This indicates a bearish market sentiment, as it takes traders approximately 5.2 days to cover their short positions. Compared to its peers, Wolfspeed has a significantly higher short interest, with the peer group average at 8.53%. This could suggest a potential bullish reversal if the market conditions change, as high short interest can sometimes lead to a short squeeze.
May 06, 2024 | 6:15 pm
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NEUTRAL IMPACT
Wolfspeed's increased short interest to 22.29% of its float suggests a bearish market sentiment but also indicates potential for a bullish reversal due to high short interest compared to its peers.
The increase in short interest for Wolfspeed suggests that the market sentiment is currently bearish. However, the significantly higher short interest compared to its peers could lead to a short squeeze if there's a positive shift in market sentiment or company fundamentals, potentially causing the stock price to rise in the short term. The score is neutral due to the uncertainty of market reactions and the potential for both downward and upward movements.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100