Wolfspeed Target of Unusually High Options Trading (NYSE:WOLF)

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

Wolfspeed Stock Down 48.0 %

NYSE WOLF traded down $2.59 on Friday, hitting $2.80. The stock had a trading volume of 96,848,431 shares, compared to its average volume of 21,266,715. The business’s fifty day moving average price is $5.90 and its 200 day moving average price is $8.15. The stock has a market cap of $356.96 million, a price-to-earnings ratio of -0.36 and a beta of 1.50. 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 52-week low of $2.71 and a 52-week high of $30.86.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (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%. Equities research analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. Vanguard Group Inc. increased its stake in Wolfspeed by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after buying an additional 169,984 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Wolfspeed by 4.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock valued at $16,701,000 after acquiring an additional 104,042 shares during the period. Two Sigma Advisers LP raised its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock worth $13,658,000 after acquiring an additional 995,020 shares during the period.

Wall Street Analyst Weigh In

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

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.