Investors Purchase High Volume of Wolfspeed Put Options (NYSE:WOLF)

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

Wolfspeed Stock Performance

Shares of WOLF stock opened at $2.61 on Friday. Wolfspeed has a 52 week low of $2.54 and a 52 week high of $30.86. The firm’s 50-day simple moving average is $5.82 and its two-hundred day simple moving average is $8.12. The firm has a market cap of $332.69 million, a price-to-earnings ratio of -0.34 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last posted 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 net margin of 125.96% and a negative return on equity of 70.84%. As a group, equities analysts forecast that Wolfspeed will post -4 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on WOLF shares. Piper Sandler decreased their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. The Goldman Sachs Group lowered their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Bank of America cut their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three investment 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.86.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. 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 valued at $23,848,000 after acquiring an additional 2,189,500 shares during the period. Frontier Capital Management Co. LLC raised its position in shares of Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $4,542,000. Charles Schwab Investment Management Inc. boosted its holdings in Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after buying an additional 335,966 shares during the period. Finally, Vanguard Group Inc. grew its stake in Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after buying an additional 299,304 shares in the last quarter.

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.