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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading activity on Tuesday. Traders acquired 15,752 call options on the stock. This represents an increase of approximately 47% compared to the typical volume of 10,705 call options.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Susquehanna restated a “neutral” rating and set a $35.00 price target on shares of Wolfspeed in a research report on Monday, April 8th. Piper Sandler decreased their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Finally, Mizuho initiated coverage on Wolfspeed in a report on Friday, April 5th. They set a “neutral” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.63.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC grew its holdings in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after buying an additional 574 shares in the last quarter. First Manhattan CO. LLC. purchased a new position in Wolfspeed during the first quarter valued at $39,000. Aspire Private Capital LLC lifted its stake in Wolfspeed by 50.0% in the 4th quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock worth $41,424,000,000 after purchasing an additional 200 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in Wolfspeed in the 4th quarter worth $43,000. Finally, Independence Bank of Kentucky grew its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares in the last quarter.

Wolfspeed Price Performance

NYSE WOLF opened at $25.42 on Wednesday. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. Wolfspeed has a 1-year low of $23.54 and a 1-year high of $70.42. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -4.18 and a beta of 1.66. The business’s fifty day moving average price is $27.18 and its 200-day moving average price is $32.84.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. On average, equities analysts predict that Wolfspeed will post -3.05 earnings per share for the current year.

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.