Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading activity on Thursday. Investors purchased 21,674 call options on the company. This is an increase of approximately 80% compared to the typical daily volume of 12,062 call options.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Susquehanna reduced their price target on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $40.00 to $25.00 in a report on Thursday. Finally, Citigroup cut their price objective on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.27.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in 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 worth $25,000 after purchasing an additional 574 shares during the last quarter. Independence Bank of Kentucky raised its position in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the last quarter. Fifth Third Bancorp lifted its stake in Wolfspeed by 56.9% during the 1st quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares during the period. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed during the 4th quarter valued at about $48,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Wolfspeed during the 4th quarter valued at about $56,000.

Wolfspeed Trading Up 7.5 %

NYSE WOLF opened at $25.33 on Friday. Wolfspeed has a 12 month low of $20.63 and a 12 month high of $70.42. 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 stock’s fifty day moving average price is $26.58 and its 200-day moving average price is $32.11. The stock has a market cap of $3.19 billion, a P/E ratio of -3.90 and a beta of 1.64.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 25.75%. As a group, equities analysts forecast that Wolfspeed will post -3.05 EPS for the current fiscal 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.