Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

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

Insider Activity

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

Hedge Funds Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp increased its position in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after acquiring an additional 3,548 shares in the last quarter. R Squared Ltd bought a new position in Wolfspeed during the 4th quarter worth $28,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Wolfspeed in the first quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC increased its holdings in Wolfspeed by 192.0% in 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 during the period. Finally, Beacon Capital Management LLC bought a new stake in shares of Wolfspeed during the 1st quarter worth $31,000.

Wolfspeed Trading Up 3.1%

Shares of WOLF stock traded up $0.05 during trading hours on Tuesday, reaching $1.50. 36,020,703 shares of the stock traded hands, compared to its average volume of 17,241,027. The firm has a market capitalization of $232.66 million, a PE ratio of -0.19 and a beta of 1.62. Wolfspeed has a 1-year low of $0.82 and a 1-year high of $30.86. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The business has a fifty day moving average price of $3.28 and a 200 day moving average price of $5.61.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on WOLF shares. Piper Sandler reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Citigroup reaffirmed a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group cut their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $11.15.

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.