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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading activity on Friday. Stock investors bought 1,980,116 put options on the company. This represents an increase of approximately 1,199% compared to the typical volume of 152,414 put options.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on WOLF shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Susquehanna upped their target price on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Wolfspeed from a “sell” rating to a “hold” rating in a research note on Saturday, October 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $11.78.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently bought and sold shares of the stock. N.E.W. Advisory Services LLC purchased a new position in shares of Wolfspeed in the 1st quarter valued at $28,000. Wealthfront Advisers LLC purchased a new position in shares of Wolfspeed in the 1st quarter valued at $32,000. MAI Capital Management raised its stake in shares of Wolfspeed by 894.9% in the 1st quarter. MAI Capital Management now owns 10,815 shares of the company’s stock valued at $33,000 after acquiring an additional 9,728 shares during the period. Twin Tree Management LP purchased a new position in shares of Wolfspeed in the 1st quarter valued at $42,000. Finally, Quarry LP raised its stake in shares of Wolfspeed by 490.0% in the 1st quarter. Quarry LP now owns 14,991 shares of the company’s stock valued at $46,000 after acquiring an additional 12,450 shares during the period.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $29.10 on Friday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The firm’s 50 day moving average price is $12.71 and its 200 day moving average price is $5.66. The firm has a market cap of $751.94 million and a P/E ratio of -2.58.

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.