Traders Buy Large Volume of Wolfspeed Call Options (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the target of unusually large options trading on Tuesday. Stock traders bought 15,752 call options on the company. This represents an increase of 47% compared to the typical daily volume of 10,705 call options.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The shares were acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the transaction, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is owned by corporate insiders.

Institutional Trading of Wolfspeed

Several hedge funds have recently added to or reduced their stakes in WOLF. TFO Wealth Partners LLC raised its stake in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company's stock valued at $25,000 after purchasing an additional 574 shares during the period. Independence Bank of Kentucky raised its stake in shares of Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company's stock valued at $31,000 after purchasing an additional 350 shares during the period. First Manhattan CO. LLC. acquired a new stake in shares of Wolfspeed in the 1st quarter valued at about $39,000. Penserra Capital Management LLC acquired a new stake in shares of Wolfspeed in the 4th quarter valued at about $43,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Wolfspeed in the 4th quarter valued at about $48,000.

Wolfspeed Trading Down 0.5 %

Wolfspeed stock traded down $0.13 during mid-day trading on Tuesday, hitting $25.42. 5,737,571 shares of the company's stock were exchanged, compared to its average volume of 4,631,153. The firm has a market capitalization of $3.20 billion, a P/E ratio of -4.18 and a beta of 1.66. Wolfspeed has a fifty-two week low of $23.54 and a fifty-two week high of $70.42. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The company's 50 day simple moving average is $27.18 and its 200-day simple moving average is $32.84.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. On average, equities analysts anticipate that Wolfspeed will post -3.05 earnings per share for the current year.

Analysts Set New Price Targets

WOLF has been the topic of a number of recent research reports. Piper Sandler decreased their price objective on Wolfspeed from $55.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, February 1st. Susquehanna reiterated a "neutral" rating and issued a $35.00 price objective on shares of Wolfspeed in a research report on Monday, April 8th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $43.00 to $35.00 and set a "neutral" rating on the stock in a research report on Thursday, April 11th. Finally, Mizuho assumed coverage on Wolfspeed in a research note on Friday, April 5th. They issued a "neutral" rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $43.63.

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.