Wolfspeed Target of Unusually Large Options Trading (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading on Tuesday. Stock traders acquired 15,752 call options on the stock. This is an increase of approximately 47% compared to the typical daily volume of 10,705 call options.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WOLF. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Piper Sandler lowered their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Susquehanna reissued a “neutral” rating and issued a $35.00 price target on shares of Wolfspeed in a research note on Monday, April 8th. Mizuho began coverage on Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $43.63.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of the stock in a transaction on Friday, February 2nd. The shares were bought at an average price of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. TFO Wealth Partners LLC raised its stake in shares of Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares in the last quarter. First Manhattan CO. LLC. acquired a new position in shares of Wolfspeed in the first quarter valued at $39,000. Aspire Private Capital LLC grew its position in Wolfspeed by 50.0% in the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock valued at $41,424,000,000 after acquiring an additional 200 shares during the period. Penserra Capital Management LLC bought a new stake in Wolfspeed in the fourth quarter valued at $43,000. Finally, Independence Bank of Kentucky grew its position in Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the period.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $25.24 on Thursday. The business has a fifty day simple moving average of $27.16 and a 200 day simple moving average of $32.79. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -4.15 and a beta of 1.66. Wolfspeed has a one year low of $23.54 and a one year high of $70.42.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. Sell-side analysts expect that Wolfspeed will post -3.05 EPS 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.