Investors Buy High Volume of Put Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading on Friday. Investors purchased 283,920 put options on the stock. This is an increase of 80% compared to the average volume of 157,433 put options.

Wolfspeed Stock Up 2.6%

WOLF stock opened at $18.36 on Friday. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $36.60. The firm has a market cap of $475.34 million and a P/E ratio of -29.14. The company’s 50-day simple moving average is $22.78 and its 200-day simple moving average is $10.67.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analysts’ expectations of $195.37 million. On average, analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of WOLF. PNC Financial Services Group Inc. raised its holdings in Wolfspeed by 40.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 21,885 shares of the company’s stock valued at $67,000 after acquiring an additional 6,287 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 18.8% in the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company’s stock valued at $57,876,000 after purchasing an additional 2,989,503 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Wolfspeed by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,304,807 shares of the company’s stock worth $3,993,000 after buying an additional 97,650 shares in the last quarter. Nuveen LLC purchased a new position in Wolfspeed during the first quarter worth approximately $1,365,000. Finally, Public Sector Pension Investment Board boosted its stake in Wolfspeed by 55.0% during the first quarter. Public Sector Pension Investment Board now owns 493,391 shares of the company’s stock worth $1,510,000 after buying an additional 175,153 shares during the last quarter.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th. Wall Street Zen upgraded Wolfspeed to a “hold” rating in a research note on Saturday, November 22nd. Finally, Susquehanna lifted their target price on Wolfspeed to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $10.50.

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.