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

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading on Friday. Stock traders acquired 54,369 put options on the stock. This represents an increase of 72% compared to the average volume of 31,524 put options.

Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of WOLF. Allworth Financial LP boosted its position in shares of Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares in the last quarter. Sterling Capital Management LLC raised its stake in Wolfspeed by 51.4% during the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after buying an additional 2,533 shares during the period. Ground Swell Capital LLC raised its stake in Wolfspeed by 25.6% during the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock worth $85,000 after buying an additional 2,611 shares during the period. KBC Group NV grew 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 during the period. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Wolfspeed by 192.0% during 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 in the last quarter.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of research reports. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group cut their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Bank of America decreased their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Finally, Susquehanna cut their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Trading Down 51.6 %

NYSE WOLF opened at $2.61 on Friday. The stock has a market capitalization of $332.69 million, a P/E ratio of -0.34 and a beta of 1.50. The business has a 50 day simple moving average of $5.82 and a 200 day simple moving average of $8.12. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed has a one year low of $2.54 and a one year high of $30.86.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data 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 return on equity of 70.84% and a negative net margin of 125.96%. Research analysts expect that Wolfspeed will post -4 earnings per share for the current year.

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.