Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading on Monday. Traders bought 44,818 call options on the company. This is an increase of 75% compared to the typical daily volume of 25,579 call options.

Insider Buying and Selling

In other news, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Darren R. Jackson bought 36,975 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the transaction, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. This represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 78,067 shares of company stock valued at $524,747. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of the business. Virtu Financial LLC raised its stake in shares of Wolfspeed by 160.8% during the 3rd quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock worth $568,000 after buying an additional 36,105 shares during the period. Aequim Alternative Investments LP raised its position in Wolfspeed by 20.2% during the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after acquiring an additional 33,036 shares during the period. M&T Bank Corp lifted its holdings in Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after purchasing an additional 35,101 shares in the last quarter. XTX Topco Ltd grew its position in shares of Wolfspeed by 145.4% in the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock valued at $474,000 after purchasing an additional 28,983 shares during the period. Finally, Two Sigma Advisers LP increased its stake in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Roth Mkm dropped their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Performance

NYSE WOLF traded up $1.23 during mid-day trading on Monday, reaching $9.67. 18,870,357 shares of the stock were exchanged, compared to its average volume of 7,116,373. The business’s 50 day moving average is $10.70 and its 200-day moving average is $16.71. The company has a market capitalization of $1.23 billion, a P/E ratio of -1.55 and a beta of 1.46. Wolfspeed has a 1 year low of $6.10 and a 1 year high of $47.43. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

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.