Evercore ISI initiated coverage on WOLF with an "outperform" rating
Wolfspeed Inc (NYSE:WOLF) is down 1.3% at $115.29 at last glance, pulling back from its premarket gains despite a bull note from Evercore ISI. The firm initiated coverage on the stock with an "outperform" rating, calling the equity one of the best ways to invest in the Electric Vehicle (EV) transition. Just last week, the semiconductor name announced a new U.S. factory to keep up with demand.
Wolfspeed stock jumped above most of its significant moving averages during its mid-August post-earnings bull gap, and the $105 level appears to be emerging as support. Today, the stock's 20-day moving average appears to be keeping losses in check, though this dip has it is grappling with its year-to-date breakeven level.
Of the now 13 analysts in coverage, eight carry a "strong buy" rating, five a "hold," and one "sell." The 12-month consensus price target of $114.97 is roughly in line with current levels.
Though shorts have started to buy back their bets, short interest still represents 7.7% of the stock's available float. It would take five days to cover, at WOLF's average pace of trading.