Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading activity on Friday. Stock investors acquired 107,860 put options on the company. This represents an increase of 92% compared to the average daily volume of 56,312 put options.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. The Goldman Sachs Group lowered their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Susquehanna cut their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Citigroup restated a “sell” rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research report on Friday. Finally, Bank of America cut their price objective 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. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.15.

Wolfspeed Trading Down 26.2 %

Shares of WOLF opened at $3.27 on Friday. The stock has a 50 day simple moving average of $3.87 and a 200-day simple moving average of $6.52. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock has a market cap of $417.62 million, a PE ratio of -0.43 and a beta of 1.62. Wolfspeed has a 1 year low of $2.06 and a 1 year high of $30.86.

Insider Transactions at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer now directly owns 195,257 shares in the company, valued at approximately $779,075.43. The trade was a 6.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its stake 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 valued at $26,000 after purchasing an additional 3,548 shares in the last quarter. R Squared Ltd bought a new position in Wolfspeed during the 4th quarter valued at about $28,000. N.E.W. Advisory Services LLC acquired a new position in Wolfspeed in the first quarter valued at about $28,000. Steward Partners Investment Advisory LLC grew its stake in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares during the last quarter. Finally, Beacon Capital Management LLC acquired a new stake in shares of Wolfspeed during the first quarter worth approximately $31,000.

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.