Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the target of unusually large options trading activity on Friday. Stock traders bought 168,124 put options on the stock. This represents an increase of approximately 99% compared to the typical volume of 84,390 put options.

Insider Transactions at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the sale, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Wolfspeed

Several institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its stake in shares of Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after purchasing an additional 3,548 shares during the period. R Squared Ltd bought a new position in Wolfspeed during the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC increased its position in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after buying an additional 2,912 shares in the last quarter. KBC Group NV increased its position in Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after buying an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP increased its position in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after buying an additional 1,949 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WOLF shares. The Goldman Sachs Group lowered their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler decreased their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Citigroup reiterated a "sell" rating and issued a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Canaccord Genuity Group reduced their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $11.15.

Wolfspeed Stock Performance

WOLF stock traded down $0.01 during midday trading on Thursday, hitting $1.37. The company's stock had a trading volume of 4,549,684 shares, compared to its average volume of 28,855,494. The stock's 50-day moving average price is $3.10 and its 200 day moving average price is $5.55. 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 has a 1 year low of $0.82 and a 1 year high of $30.86. The stock has a market cap of $212.74 million, a price-to-earnings ratio of -0.18 and a beta of 1.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating analysts' consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same quarter in the prior year, the firm earned ($0.62) EPS. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. On average, equities analysts forecast that Wolfspeed will post -4 EPS for the current 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.