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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading activity on Friday. Investors acquired 283,920 put options on the company. This is an increase of 80% compared to the typical volume of 157,433 put options.

Wolfspeed Stock Performance

Shares of NYSE:WOLF opened at $18.36 on Friday. The company has a 50-day simple moving average of $22.78 and a 200-day simple moving average of $10.74. Wolfspeed has a one year low of $8.05 and a one year high of $36.60. The stock has a market capitalization of $475.34 million and a price-to-earnings ratio of -29.14.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, October 29th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.05. The company had revenue of $196.80 million for the quarter, compared to analysts’ expectations of $195.37 million. As a group, research analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently bought and sold shares of WOLF. Andar Capital Management HK Ltd acquired a new position in Wolfspeed in the 3rd quarter valued at $48,000. MAI Capital Management boosted its holdings in shares of Wolfspeed by 894.9% in the first quarter. MAI Capital Management now owns 10,815 shares of the company’s stock valued at $33,000 after acquiring an additional 9,728 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Wolfspeed during the first quarter worth about $42,000. Quarry LP increased its stake in shares of Wolfspeed by 490.0% during the first quarter. Quarry LP now owns 14,991 shares of the company’s stock worth $46,000 after acquiring an additional 12,450 shares during the period. Finally, Polymer Capital Management HK LTD purchased a new position in Wolfspeed during the third quarter worth about $582,000.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WOLF shares. Susquehanna raised their price objective on Wolfspeed to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Wolfspeed in a research report on Saturday, September 27th. Finally, Wall Street Zen raised Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Three research 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 currently has a consensus rating of “Reduce” and a consensus price target of $10.50.

About Wolfspeed

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.