Traders Buy Large Volume of Call Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading on Tuesday. Investors purchased 15,752 call options on the company. This represents an increase of approximately 47% compared to the average volume of 10,705 call options.

Wolfspeed Trading Down 0.4 %

Wolfspeed stock traded down $0.11 during trading hours on Tuesday, hitting $25.44. The stock had a trading volume of 5,646,845 shares, compared to its average volume of 4,600,285. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -4.20 and a beta of 1.66. Wolfspeed has a one year low of $23.54 and a one year high of $70.42. The business’s 50 day simple moving average is $27.21 and its 200-day simple moving average is $32.93.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. The firm had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. On average, equities analysts predict that Wolfspeed will post -3.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Mizuho initiated coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective on the stock. Piper Sandler decreased their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Susquehanna reaffirmed a “neutral” rating and issued a $35.00 price objective on shares of Wolfspeed in a report on Monday, April 8th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average target price of $43.63.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were bought at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds have recently made changes to their positions in WOLF. TFO Wealth Partners LLC raised its position in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky grew its stake in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the period. First Manhattan CO. LLC. acquired a new stake in Wolfspeed during the first quarter worth approximately $39,000. Penserra Capital Management LLC acquired a new stake in Wolfspeed during the fourth quarter worth approximately $43,000. Finally, Rakuten Securities Inc. acquired a new stake in Wolfspeed in the fourth quarter valued at approximately $48,000.

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.