Wolfspeed Sees Unusually High Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of some unusual options trading activity on Friday. Investors bought 54,369 put options on the company. This is an increase of 72% compared to the typical daily volume of 31,524 put options.

Wolfspeed Price Performance

WOLF traded down $2.78 on Friday, hitting $2.61. 176,094,594 shares of the company were exchanged, compared to its average volume of 11,751,157. Wolfspeed has a fifty-two week low of $2.54 and a fifty-two week high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market capitalization of $332.69 million, a P/E ratio of -0.34 and a beta of 1.50. The business’s fifty day moving average is $5.82 and its 200 day moving average is $8.12.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data 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 return on equity of 70.84% and a negative net margin of 125.96%. As a group, sell-side analysts anticipate that Wolfspeed will post -4 EPS for the current year.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Thrivent Financial for Lutherans raised its position in Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after acquiring an additional 68,423 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Wolfspeed by 13.8% during the 3rd quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock worth $540,000 after purchasing an additional 6,757 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after purchasing an additional 21,143 shares during the last quarter. Algert Global LLC grew its holdings in Wolfspeed by 173.6% during the 3rd quarter. Algert Global LLC now owns 145,216 shares of the company’s stock valued at $1,409,000 after buying an additional 92,140 shares during the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Wolfspeed by 54.3% during the 3rd quarter. D.A. Davidson & CO. now owns 90,786 shares of the company’s stock valued at $881,000 after buying an additional 31,937 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. 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 research report on Thursday, January 30th. Finally, Canaccord Genuity Group dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Wolfspeed currently 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.