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

Wolfspeed (NYSE:WOLF - Get Free Report) was the target of unusually large options trading activity on Wednesday. Stock investors acquired 147,575 call options on the stock. This represents an increase of approximately 30% compared to the typical daily volume of 113,091 call options.

Insider Buying and Selling at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer owned 195,257 shares in the company, 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 SEC, which is available through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wolfspeed

A number of large investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Wolfspeed in the 4th quarter valued at about $109,000. Commonwealth Equity Services LLC boosted its position in Wolfspeed by 170.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 36,757 shares of the company's stock valued at $245,000 after buying an additional 23,154 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Wolfspeed in the 4th quarter valued at about $153,000. Vanguard Group Inc. boosted its position in Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after buying an additional 299,304 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its position in Wolfspeed by 96.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 170,753 shares of the company's stock valued at $1,137,000 after buying an additional 83,939 shares during the period.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded down $0.15 during trading hours on Friday, reaching $1.64. The company's stock had a trading volume of 21,553,977 shares, compared to its average volume of 124,808,792. The firm has a 50 day moving average price of $1.44 and a 200-day moving average price of $3.63. Wolfspeed has a one year low of $0.39 and a one year high of $20.23. The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90. The stock has a market cap of $254.45 million, a P/E ratio of -0.20 and a beta of 1.09.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted 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. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The firm had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same period in the previous year, the firm posted ($0.62) EPS. The business's quarterly revenue was down 7.6% on a year-over-year basis. On average, analysts predict that Wolfspeed will post -4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WOLF. The Goldman Sachs Group lowered their target price 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. Piper Sandler lowered their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Citigroup restated a "sell" rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average 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.