Traders Buy Large Volume of Wolfspeed Put Options (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading on Friday. Traders acquired 1,980,116 put options on the stock. This represents an increase of 1,199% compared to the typical volume of 152,414 put options.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WOLF shares. Susquehanna lifted their price target on shares of Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday. Weiss Ratings restated a “sell (e+)” rating on shares of Wolfspeed in a report on Saturday, September 27th. Finally, Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research note on Sunday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $11.78.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Wolfspeed by 18.8% during the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company’s stock worth $57,876,000 after acquiring an additional 2,989,503 shares in the last quarter. Primecap Management Co. CA boosted its position in Wolfspeed by 2.2% in the first quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company’s stock valued at $20,396,000 after buying an additional 146,106 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Wolfspeed by 72.7% during the first quarter. Neuberger Berman Group LLC now owns 4,329,584 shares of the company’s stock worth $13,723,000 after buying an additional 1,822,958 shares in the last quarter. Two Seas Capital LP bought a new position in shares of Wolfspeed in the second quarter valued at approximately $962,000. Finally, Shah Capital Management bought a new stake in Wolfspeed during the 1st quarter worth approximately $6,586,000.

Wolfspeed Stock Down 1.7%

Shares of WOLF opened at $29.10 on Friday. The stock’s 50-day moving average price is $12.71 and its 200 day moving average price is $5.69. The firm has a market capitalization of $751.94 million and a price-to-earnings ratio of -2.58. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $36.60.

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.