Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading on Wednesday. Traders bought 72,206 call options on the company. This is an increase of approximately 54% compared to the typical volume of 46,758 call options.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction dated 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 now owns 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

Several large investors have recently bought and sold shares of WOLF. Vanguard Group Inc. grew its stake in shares of Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after buying an additional 299,304 shares in the last quarter. Primecap Management Co. CA grew its position in Wolfspeed by 2.7% in the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock worth $43,418,000 after acquiring an additional 169,984 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Wolfspeed by 4.3% during the fourth quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock worth $16,701,000 after acquiring an additional 104,042 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the period. Finally, Voloridge Investment Management LLC lifted its stake in shares of Wolfspeed by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company’s stock valued at $12,759,000 after purchasing an additional 12,660 shares during the last quarter.

Analyst Ratings Changes

WOLF has been the topic of several research reports. Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Bank of America dropped their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, Piper Sandler reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.15.

Wolfspeed Stock Up 1.0 %

Shares of WOLF stock opened at $3.59 on Friday. The stock has a market cap of $457.85 million, a P/E ratio of -0.47 and a beta of 1.69. The company’s fifty day simple moving average is $4.06 and its two-hundred day simple moving average is $6.99. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed has a 52 week low of $2.06 and a 52 week high of $30.86.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Analysts predict that Wolfspeed will post -4 EPS for the current fiscal year.

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.