Wolfspeed Target of Unusually High Options Trading (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading on Thursday. Stock investors bought 21,674 call options on the company. This represents an increase of approximately 80% compared to the average volume of 12,062 call options.

Wolfspeed Stock Performance

NYSE:WOLF opened at $23.56 on Friday. The stock’s 50-day moving average is $26.62 and its 200-day moving average is $32.17. The stock has a market cap of $2.96 billion, a P/E ratio of -3.88 and a beta of 1.64. Wolfspeed has a 1-year low of $20.63 and a 1-year high of $70.42. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Equities research analysts anticipate that Wolfspeed will post -3.05 earnings per share for the current year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently modified their holdings of WOLF. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after acquiring an additional 157,668 shares during the period. Norges Bank bought a new stake in shares of Wolfspeed in the 4th quarter valued at $308,701,000. Artisan Partners Limited Partnership increased its position in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after buying an additional 352,609 shares during the period. Primecap Management Co. CA raised its stake in Wolfspeed by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock worth $82,952,000 after buying an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. lifted its holdings in Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WOLF. Susquehanna dropped their target price on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday. William Blair cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday. Mizuho cut their target price on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.27.

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.