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

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading activity on Thursday. Stock investors bought 13,126 call options on the stock. This represents an increase of 36% compared to the typical daily volume of 9,646 call options.

Wolfspeed Trading Down 3.1 %

NYSE WOLF traded down $0.58 on Thursday, hitting $18.34. 5,139,789 shares of the company were exchanged, compared to its average volume of 4,262,052. The company’s 50 day moving average price is $24.89 and its 200-day moving average price is $26.96. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The firm has a market capitalization of $2.31 billion, a P/E ratio of -2.84 and a beta of 1.60. Wolfspeed has a twelve month low of $18.10 and a twelve month high of $66.22.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Analysts predict that Wolfspeed will post -3.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

WOLF has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a report on Tuesday, May 7th. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, June 25th. Susquehanna reduced their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Roth Mkm reaffirmed a “buy” rating and set a $50.00 target price on shares of Wolfspeed in a research note on Tuesday, April 30th. Finally, TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.43.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, with a total value of $50,475.30. Following the transaction, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in shares of Wolfspeed by 17.7% during the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock worth $1,174,000 after acquiring an additional 4,052 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in 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 purchasing an additional 352,609 shares during the period. Vanguard Group Inc. grew its stake in Wolfspeed by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock worth $549,502,000 after purchasing an additional 157,668 shares during the period. Trillium Asset Management LLC grew its stake in Wolfspeed by 7.7% in the fourth quarter. Trillium Asset Management LLC now owns 421,473 shares of the company’s stock valued at $18,338,000 after acquiring an additional 29,990 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Wolfspeed in the first quarter valued at approximately $1,511,000.

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.