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

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading activity on Friday. Stock traders bought 283,920 put options on the company. This represents an increase of 80% compared to the typical volume of 157,433 put options.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $8,560,000. Polymer Capital Management HK LTD purchased a new stake in Wolfspeed in the 3rd quarter worth about $582,000. Qube Research & Technologies Ltd bought a new stake in Wolfspeed in the third quarter worth about $4,322,000. Militia Capital Partners LP bought a new stake in Wolfspeed in the third quarter worth about $744,000. Finally, Anson Funds Management LP purchased a new position in shares of Wolfspeed during the third quarter valued at approximately $1,235,000.

Wall Street Analyst Weigh In

WOLF has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Wall Street Zen upgraded shares of Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Finally, Susquehanna raised their price objective on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $10.50.

Wolfspeed Price Performance

WOLF traded up $0.84 during midday trading on Friday, reaching $18.73. 506,680 shares of the company’s stock traded hands, compared to its average volume of 3,487,285. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $36.60. The firm has a fifty day moving average of $23.04 and a two-hundred day moving average of $10.56. The stock has a market capitalization of $484.83 million and a price-to-earnings ratio of -29.83.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The firm had revenue of $196.80 million for the quarter, compared to analysts’ expectations of $195.37 million. Sell-side analysts forecast that Wolfspeed will post -4 EPS for the current year.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.