Wolfspeed Sees Unusually High Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading on Monday. Stock traders acquired 36,822 put options on the company. This is an increase of approximately 149% compared to the typical volume of 14,812 put options.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in WOLF. Canada Pension Plan Investment Board acquired a new stake in shares of Wolfspeed during the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the 2nd quarter worth $34,000. Summit Securities Group LLC increased its holdings in shares of Wolfspeed by 71.0% during the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares during the last quarter. Marex Group plc acquired a new stake in shares of Wolfspeed during the 2nd quarter worth $44,000. Finally, Eastern Bank acquired a new stake in shares of Wolfspeed during the 4th quarter worth $46,000.

Wolfspeed Trading Down 12.7%

Shares of NYSE:WOLF traded down $7.50 during trading on Monday, hitting $51.78. 9,765,073 shares of the stock were exchanged, compared to its average volume of 4,039,395. The company has a fifty day moving average price of $35.88 and a two-hundred day moving average price of $24.71. The company has a market cap of $2.50 billion and a PE ratio of -4.90. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the previous year, the company posted ($0.72) EPS. Wolfspeed’s quarterly revenue was down 19.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

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.