Wolfspeed Sees Unusually High Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading on Friday. Stock investors bought 1,270,874 put options on the company. This represents an increase of 602% compared to the typical daily volume of 181,091 put options.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on WOLF shares. Susquehanna upped their price target on Wolfspeed to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $10.50.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Capital Research Global Investors acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at approximately $79,426,000. Two Seas Capital LP acquired a new stake in shares of Wolfspeed in the second quarter valued at approximately $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, GMT Capital Corp grew its stake in Wolfspeed by 42.9% in the 2nd quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock worth $483,000 after acquiring an additional 363,784 shares during the period.

Wolfspeed Price Performance

Shares of WOLF opened at $20.46 on Friday. Wolfspeed has a 1 year low of $8.05 and a 1 year high of $36.60. The stock has a market capitalization of $529.71 million and a price-to-earnings ratio of -32.48. The business’s 50 day simple moving average is $19.08 and its 200-day simple moving average is $13.20.

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

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.