Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 54,369 put options on the stock. This represents an increase of approximately 72% compared to the average volume of 31,524 put options.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. The Goldman Sachs Group decreased their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. 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 note on Thursday, January 30th. Bank of America lowered their price target 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. Finally, Susquehanna cut their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.86.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its holdings in shares of Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Wolfspeed during the fourth quarter valued at $28,000. Steward Partners Investment Advisory LLC boosted its position 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 valued at $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV increased its stake in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Wolfspeed by 38.1% during the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares in the last quarter.

Wolfspeed Price Performance

WOLF stock traded down $2.78 during trading hours on Friday, hitting $2.61. 176,094,594 shares of the stock traded hands, compared to its average volume of 11,751,157. The stock has a 50-day simple moving average of $5.82 and a 200 day simple moving average of $8.12. The company has a market cap of $332.69 million, a P/E ratio of -0.34 and a beta of 1.50. Wolfspeed has a one year low of $2.54 and a one year high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities analysts forecast that Wolfspeed will post -4 earnings per share for the current year.

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.