Stock Traders Purchase Large Volume of Wolfspeed Call Options (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading on Thursday. Investors purchased 37,764 call options on the company. This is an increase of 35% compared to the typical daily volume of 27,874 call options.

Wolfspeed Stock Up 1.7 %

Shares of NYSE:WOLF traded up $0.12 during trading on Thursday, reaching $6.80. 27,663,420 shares of the company traded hands, compared to its average volume of 21,755,656. Wolfspeed has a 1-year low of $4.66 and a 1-year high of $37.29. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The firm has a market cap of $867.79 million, a P/E ratio of -1.14 and a beta of 1.43. The firm has a fifty day simple moving average of $7.80 and a 200 day simple moving average of $11.98.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Roth Mkm dropped their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group decreased their target price on Wolfspeed from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday. Canaccord Genuity Group reduced their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $17.07.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson purchased 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the acquisition, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Iridian Asset Management LLC CT lifted its holdings in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after buying an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board acquired a new stake in Wolfspeed in the third quarter valued at approximately $2,590,000. Primecap Management Co. CA lifted its stake in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after acquiring an additional 303,870 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its holdings in shares of Wolfspeed by 140.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after purchasing an additional 250,000 shares in the last quarter.

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.