Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading activity on Friday. Traders acquired 1,270,874 put options on the stock. This represents an increase of 602% compared to the average volume of 181,091 put options.

Institutional Investors Weigh In On Wolfspeed

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors bought a new position in Wolfspeed in the third quarter worth $79,426,000. Two Seas Capital LP purchased a new stake in shares of Wolfspeed in the 2nd quarter worth about $962,000. XTX Topco Ltd increased its stake in shares of Wolfspeed by 4,954.1% in the 2nd quarter. XTX Topco Ltd now owns 982,770 shares of the company’s stock worth $392,000 after acquiring an additional 963,325 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after acquiring an additional 906,968 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares in the last quarter.

Wolfspeed Trading Up 3.2%

Shares of WOLF stock traded up $0.63 during trading hours on Friday, reaching $20.55. The company’s stock had a trading volume of 737,411 shares, compared to its average volume of 982,715. Wolfspeed has a one year low of $8.05 and a one year high of $36.60. The stock has a market capitalization of $532.14 million and a P/E ratio of -32.60. The firm’s fifty day simple moving average is $19.03 and its 200 day simple moving average is $12.97.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million for the quarter, compared to the consensus estimate of $195.37 million. As a group, equities research analysts forecast that Wolfspeed will post -4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on WOLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Susquehanna raised their price objective on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded shares of Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Reduce” and a consensus target price of $10.50.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.