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

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading on Friday. Stock investors acquired 54,369 put options on the company. This represents an increase of approximately 72% compared to the typical daily volume of 31,524 put options.

Hedge Funds Weigh In On Wolfspeed

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

Wolfspeed Stock Performance

Shares of WOLF stock traded down $2.78 during mid-day trading 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. The firm has a market cap of $332.69 million, a PE ratio of -0.34 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed has a one year low of $2.54 and a one year high of $30.86. The firm’s 50 day simple moving average is $5.82 and its 200 day simple moving average is $8.12.

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

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Piper Sandler lowered their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. The Goldman Sachs Group reduced their target price 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. Susquehanna dropped their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Bank of America decreased their price objective 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. Finally, StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.86.

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.