Investors Purchase High Volume of Put Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading activity on Friday. Stock traders acquired 54,369 put options on the company. This is an increase of 72% compared to the typical daily volume of 31,524 put options.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp lifted its position in shares of Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd acquired a new stake in Wolfspeed during the 4th quarter worth $28,000. Steward Partners Investment Advisory LLC lifted its position in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after acquiring an additional 2,912 shares during the last quarter. KBC Group NV boosted its stake in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after acquiring an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Piper Sandler reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Finally, Bank of America dropped their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Down 51.6 %

Shares of NYSE:WOLF traded down $2.78 during trading hours on Friday, reaching $2.61. The stock had a trading volume of 176,094,594 shares, compared to its average volume of 11,751,157. Wolfspeed has a 1 year low of $2.54 and a 1 year high of $30.86. The firm’s 50 day moving average is $5.82 and its 200-day moving average is $8.12. The stock has a market capitalization of $332.69 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Research analysts predict that Wolfspeed will post -4 earnings per share for the current fiscal year.

Wolfspeed Company Profile

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.