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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) saw some unusual options trading on Friday. Investors bought 54,369 put options on the company. This is an increase of 72% compared to the typical volume of 31,524 put options.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a report on Monday, January 6th. Bank of America dropped their target price 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. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, January 30th. Susquehanna cut their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of "Hold" and a consensus target price of $14.86.

Institutional Investors Weigh In On Wolfspeed

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

Wolfspeed Price Performance

NYSE WOLF traded down $0.14 during midday trading on Tuesday, hitting $2.93. The company had a trading volume of 17,561,514 shares, compared to its average volume of 11,956,654. The firm has a 50-day moving average price of $5.76 and a 200-day moving average price of $8.09. The company has a market capitalization of $373.56 million, a PE ratio of -0.38 and a beta of 1.50. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. Wolfspeed has a twelve month low of $2.41 and a twelve month high of $30.86.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results 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, analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

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.