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

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the recipient of some unusual options trading activity on Thursday. Traders purchased 37,764 call options on the stock. This represents an increase of approximately 35% compared to the typical daily volume of 27,874 call options.

Wolfspeed Price Performance

Shares of NYSE WOLF traded up $0.12 during midday trading on Thursday, hitting $6.80. The company had a trading volume of 27,663,420 shares, compared to its average volume of 21,755,656. The business has a 50-day simple moving average of $7.80 and a two-hundred day simple moving average of $11.98. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $37.29. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The firm has a market capitalization of $867.79 million, a price-to-earnings ratio of -1.14 and a beta of 1.43.

Analyst Ratings Changes

Several equities research analysts have issued reports on WOLF shares. Roth Mkm cut their target price on Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday. StockNews.com upgraded Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Morgan Stanley boosted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Finally, Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $17.07.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares of the company's stock, valued at $581,332.96. This represents a 75.43 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of Wolfspeed stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock worth $524,747 over the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Wolfspeed

Institutional investors have recently bought and sold shares of the company. Two Sigma Advisers LP lifted its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company's stock valued at $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Primecap Management Co. CA grew its holdings in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company's stock valued at $137,591,000 after purchasing an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company's stock worth $8,082,000 after buying an additional 766,971 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Wolfspeed during the third quarter worth about $4,542,000. Finally, Iridian Asset Management LLC CT raised its holdings in Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company's stock valued at $5,055,000 after buying an additional 397,057 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.

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