Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the target of some unusual options trading activity on Friday. Stock traders acquired 54,369 put options on the company. This is an increase of approximately 72% compared to the typical volume of 31,524 put options.

Analysts Set New Price Targets

WOLF has been the topic of a number of recent analyst reports. Bank of America dropped their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Canaccord Genuity Group decreased their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Susquehanna dropped their price objective 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, StockNews.com upgraded Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $14.86.

Wolfspeed Stock Down 4.4 %

WOLF stock traded down $0.14 during midday trading on Tuesday, reaching $2.93. 17,561,514 shares of the company's stock traded hands, compared to its average volume of 11,956,654. Wolfspeed has a 52 week low of $2.41 and a 52 week high of $30.86. The company has a market cap of $373.56 million, a price-to-earnings ratio of -0.38 and a beta of 1.50. The firm's fifty day moving average price is $5.76 and its 200-day moving average price is $8.09. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share 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, sell-side analysts forecast that Wolfspeed will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wolfspeed

A number of institutional investors have recently added to or reduced their stakes in WOLF. Charles Schwab Investment Management Inc. lifted its position in shares of Wolfspeed by 38.6% during 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 in the last quarter. South Dakota Investment Council lifted its holdings in Wolfspeed by 26.4% during the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock worth $4,778,000 after acquiring an additional 149,648 shares during the period. Primecap Management Co. CA boosted its position in Wolfspeed by 2.7% in the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock worth $43,418,000 after purchasing an additional 169,984 shares during the last quarter. Public Sector Pension Investment Board bought a new position in Wolfspeed in the 3rd quarter valued at $2,590,000. Finally, Principal Financial Group Inc. grew its stake in Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock valued at $5,748,000 after purchasing an additional 173,409 shares during the period.

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.