Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

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

Hedge Funds Weigh In On Wolfspeed

Several institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale bought a new position in shares of Wolfspeed during the 2nd quarter valued at approximately $28,000. Caitlin John LLC purchased a new position in Wolfspeed during the second quarter valued at approximately $31,000. Canada Pension Plan Investment Board bought a new position in shares of Wolfspeed in the second quarter worth approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Wolfspeed in the second quarter worth $34,000. Finally, State of Alaska Department of Revenue raised its position in shares of Wolfspeed by 15.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 99,465 shares of the company’s stock valued at $38,000 after purchasing an additional 13,265 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Wolfspeed to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Finally, Susquehanna lifted their price target on shares of Wolfspeed to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Wolfspeed currently has an average rating of “Reduce” and a consensus price target of $10.50.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded up $0.63 during trading on Friday, hitting $20.55. The company’s stock had a trading volume of 737,411 shares, compared to its average volume of 982,715. The firm has a market cap of $532.14 million and a price-to-earnings ratio of -32.60. The company has a 50-day moving average of $19.03 and a 200-day moving average of $12.97. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, October 29th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.05. The business had revenue of $196.80 million for the quarter, compared to analysts’ expectations of $195.37 million. As a group, research analysts anticipate 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.