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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) saw unusually large options trading activity on Friday. Stock investors bought 54,369 put options on the company. This is an increase of approximately 72% compared to the average daily volume of 31,524 put options.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently made changes to their positions in WOLF. Jones Financial Companies Lllp lifted its position in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after purchasing an additional 3,548 shares during the period. R Squared Ltd acquired a new stake in shares of Wolfspeed in the 4th quarter valued at about $28,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares in the last quarter. KBC Group NV grew its holdings in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP raised its position in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after buying an additional 1,949 shares during the last quarter.

Wolfspeed Stock Up 17.2 %

WOLF stock traded up $0.45 during midday trading on Monday, reaching $3.04. The company had a trading volume of 56,374,777 shares, compared to its average volume of 11,929,424. Wolfspeed has a 1 year low of $2.43 and a 1 year high of $30.86. The company has a 50 day moving average of $5.82 and a two-hundred day moving average of $8.12. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The company has a market capitalization of $387.61 million, a P/E ratio of -0.40 and a beta of 1.50.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Susquehanna decreased their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, January 22nd. The Goldman Sachs Group dropped their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Piper Sandler cut 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. Bank of America decreased their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Finally, Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $14.86.

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.