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

Wolfspeed, Inc. (NYSE:WOLF) saw some unusual options trading on Monday. Investors bought 38,926 put options on the company. This is an increase of 61% compared to the typical volume of 24,177 put options.

Wolfspeed Stock Performance

Wolfspeed stock traded down $0.48 during trading hours on Monday, reaching $6.81. 10,800,140 shares of the stock were exchanged, compared to its average volume of 7,458,206. The stock has a market cap of $869.73 million, a P/E ratio of -1.14 and a beta of 1.38. The firm’s 50 day moving average is $9.92 and its 200 day moving average is $13.57. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. Wolfspeed has a 52-week low of $6.10 and a 52-week high of $44.77.

Analyst Ratings Changes

A number of brokerages recently issued reports on WOLF. JPMorgan Chase & Co. reduced their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Mizuho reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group lowered their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $17.21.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 78,067 shares of company stock valued at $524,747. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Iridian Asset Management LLC CT raised its stake in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Public Sector Pension Investment Board purchased a new position in Wolfspeed during the third quarter worth approximately $2,590,000. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after buying an additional 173,409 shares during the period. Finally, Rheos Capital Works Inc. raised its holdings in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during the period.

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.