Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading activity on Friday. Investors bought 54,369 put options on the company. This is an increase of approximately 72% compared to the average daily volume of 31,524 put options.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WOLF. Charles Schwab Investment Management Inc. grew its holdings in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after purchasing an additional 335,966 shares during the last quarter. South Dakota Investment Council raised its stake in shares of Wolfspeed by 26.4% during the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock valued at $4,778,000 after acquiring an additional 149,648 shares during the last quarter. Primecap Management Co. CA lifted its holdings in shares of Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock worth $43,418,000 after purchasing an additional 169,984 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed in the third quarter worth $2,590,000. Finally, Principal Financial Group Inc. increased its holdings in Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares during the period.

Wolfspeed Price Performance

WOLF traded down $2.59 on Friday, hitting $2.80. 96,848,431 shares of the stock were exchanged, compared to its average volume of 21,266,715. The business has a 50-day moving average of $5.90 and a two-hundred day moving average of $8.15. Wolfspeed has a 12 month low of $2.71 and a 12 month high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm has a market capitalization of $356.96 million, a price-to-earnings ratio of -0.36 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) 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%. Sell-side analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. The Goldman Sachs Group cut their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Bank of America decreased their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Susquehanna cut their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Finally, Piper Sandler decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.86.

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.