Wolfspeed (WOLF) has spent the last year trying to convince investors that its turnaround story is real. Its overhaul included new leadership, a reorganized go-to-market plan, and a major debt deal — all supposed to change the narrative. However, Wall Street does not appear to be buying it. Not yet, anyway.
A growing crowd of short sellers is betting the silicon carbide wafer maker still has a long way to go before it proves it can turn profitable. Let's take a closer look.
