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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the recipient of unusually large options trading activity on Friday. Traders purchased 54,369 put options on the stock. This is an increase of 72% compared to the typical daily volume of 31,524 put options.

Wolfspeed Stock Performance

Shares of WOLF traded up $0.45 during trading hours on Monday, hitting $3.04. The company's stock had a trading volume of 56,374,777 shares, compared to its average volume of 11,929,424. The company has a market cap of $387.61 million, a price-to-earnings ratio of -0.40 and a beta of 1.50. The business has a 50 day simple moving average of $5.82 and a two-hundred day simple moving average of $8.12. Wolfspeed has a 52-week low of $2.43 and a 52-week high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data 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%. On average, equities analysts expect that Wolfspeed will post -4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have 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. Bank of America lowered their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group cut their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group decreased their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, StockNews.com raised shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Wolfspeed presently has an average rating of "Hold" and an average price target of $14.86.

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Institutional Investors Weigh In On Wolfspeed

A number of large investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans lifted its position in Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock valued at $959,000 after acquiring an additional 68,423 shares during the period. Intech Investment Management LLC increased its position in Wolfspeed by 13.8% in the third quarter. Intech Investment Management LLC now owns 55,700 shares of the company's stock worth $540,000 after buying an additional 6,757 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company's stock worth $8,451,000 after acquiring an additional 21,143 shares during the period. Algert Global LLC raised its position in shares of Wolfspeed by 173.6% during the 3rd quarter. Algert Global LLC now owns 145,216 shares of the company's stock valued at $1,409,000 after purchasing an additional 92,140 shares during the period. Finally, D.A. Davidson & CO. lifted its position in shares of Wolfspeed by 54.3% in the third quarter. D.A. Davidson & CO. now owns 90,786 shares of the company's stock valued at $881,000 after acquiring an additional 31,937 shares in the last quarter.

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.