Investors Purchase High Volume of Wolfspeed Put Options (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) was the recipient of some unusual options trading on Friday. Traders bought 168,124 put options on the stock. This is an increase of 99% compared to the typical volume of 84,390 put options.

Wolfspeed Stock Down 3.3%

WOLF stock traded down $0.05 during mid-day trading on Thursday, reaching $1.34. The company had a trading volume of 15,771,285 shares, compared to its average volume of 17,362,533. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The company has a market capitalization of $207.76 million, a price-to-earnings ratio of -0.17 and a beta of 1.62. The firm has a fifty day simple moving average of $3.00 and a 200 day simple moving average of $5.50. Wolfspeed has a fifty-two week low of $0.82 and a fifty-two week high of $30.86.

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

Wall Street Analysts Forecast Growth

WOLF has been the subject of a number of research analyst reports. Citigroup reiterated a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Bank of America lowered their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group lowered their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Piper Sandler lowered their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, Canaccord Genuity Group lowered 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. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.15.

Insider Activity at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value 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 $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

A number of hedge funds have recently bought and sold shares of WOLF. Arkadios Wealth Advisors acquired a new stake in Wolfspeed in the 4th quarter valued at about $67,000. SG Americas Securities LLC raised its position in shares of Wolfspeed by 74.1% during the 4th quarter. SG Americas Securities LLC now owns 102,285 shares of the company's stock worth $681,000 after acquiring an additional 43,536 shares in the last quarter. Inspire Investing LLC raised its position in shares of Wolfspeed by 42.0% during the 4th quarter. Inspire Investing LLC now owns 60,927 shares of the company's stock worth $406,000 after acquiring an additional 18,021 shares in the last quarter. KBC Group NV raised its position in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after acquiring an additional 2,629 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Wolfspeed during the 4th quarter worth about $28,000.

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.