Investors Purchase High Volume of Call Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading on Monday. Traders bought 44,818 call options on the company. This is an increase of 75% compared to the average volume of 25,579 call options.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson bought 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Dorchak bought 3,592 shares of the stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the acquisition, the director now owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 78,067 shares of company stock valued at $524,747 over the last ninety days. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Mather Group LLC. raised its stake in shares of Wolfspeed by 385.5% during the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the last quarter. Eastern Bank purchased a new position in Wolfspeed in the 3rd quarter worth approximately $27,000. GAMMA Investing LLC grew its holdings in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares in the last quarter. Signaturefd LLC increased its position in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares during the last quarter.

Wolfspeed Trading Down 10.8 %

Shares of WOLF stock opened at $8.87 on Wednesday. The firm has a market cap of $1.13 billion, a PE ratio of -1.49 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed has a 1-year low of $6.10 and a 1-year high of $47.43. The company has a 50-day moving average of $10.74 and a two-hundred day moving average of $16.60.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of research analyst reports. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Roth Mkm decreased their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. TD Cowen lowered their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley upped their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Bank of America lowered their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $17.21.

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.