Wolfspeed, Inc. (NYSE:WOLF – Get Free Report) was the target of some unusual options trading on Friday. Investors purchased 107,860 put options on the stock. This represents an increase of 92% compared to the typical daily volume of 56,312 put options.
Insider Activity
In related news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. The trade was a 6.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.84% of the company’s stock.
Hedge Funds Weigh In On Wolfspeed
Several institutional investors have recently added to or reduced their stakes in WOLF. Allworth Financial LP increased its holdings in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after purchasing an additional 1,949 shares during the period. Sterling Capital Management LLC grew its position in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock valued at $50,000 after buying an additional 2,533 shares during the last quarter. Ground Swell Capital LLC increased its stake in Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock valued at $85,000 after buying an additional 2,611 shares during the period. KBC Group NV raised its position in Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares during the period.
Wolfspeed Trading Down 26.2 %
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the stock. Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Susquehanna lowered their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Wolfspeed in a report on Friday. Finally, The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.15.
Get Our Latest Research Report on Wolfspeed
About Wolfspeed
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.
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