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

Key Points

• Wolfspeed, Inc. experienced a significant increase in put options trading, with 1,980,116 put options bought, a jump of approximately 1,199% compared to the average volume.
• Analyst ratings for Wolfspeed vary widely, with four analysts rating the stock as Buy, while others have issued Sell ratings, resulting in an average rating of "Reduce" and a price target of $11.78.
• Vontobel Holding Ltd. and GMT Capital Corp both increased their holdings in Wolfspeed, reflecting a more positive sentiment among some institutional investors amid the stock's recent trading patterns.

Wolfspeed, Inc. (NYSE:WOLF - Get Free Report) saw unusually large options trading activity on Friday. Stock investors acquired 1,980,116 put options on the stock. This is an increase of approximately 1,199% compared to the average volume of 152,414 put options.

Analyst Ratings Changes

Several brokerages recently weighed in on WOLF. Susquehanna boosted their price objective on shares of Wolfspeed to $30.00 and gave the stock a "neutral" rating in a research note on Wednesday. Wall Street Zen raised shares of Wolfspeed from a "sell" rating to a "hold" rating in a research report on Saturday, October 18th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Wolfspeed in a research report on Saturday, September 27th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, Wolfspeed presently has an average rating of "Reduce" and an average price target of $11.78.

Hedge Funds Weigh In On Wolfspeed

Several institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. raised its holdings in shares of Wolfspeed by 21.5% during the third quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company's stock valued at $16,669,000 after purchasing an additional 103,282 shares during the period. Marex Group plc acquired a new position in shares of Wolfspeed during the second quarter valued at about $44,000. GMT Capital Corp raised its holdings in shares of Wolfspeed by 42.9% during the second quarter. GMT Capital Corp now owns 1,211,332 shares of the company's stock valued at $483,000 after purchasing an additional 363,784 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Wolfspeed during the second quarter valued at about $108,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed during the second quarter valued at about $34,000.

Wolfspeed Trading Down 1.7%

Shares of WOLF opened at $29.10 on Friday. The stock has a market capitalization of $751.94 million and a P/E ratio of -2.58. The firm's fifty day simple moving average is $12.71 and its two-hundred day simple moving average is $5.66. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

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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