Traders Buy Large Volume of Call Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading on Thursday. Stock investors purchased 13,126 call options on the company. This is an increase of 36% compared to the typical daily volume of 9,646 call options.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Morgan Stanley dropped their price objective on shares of Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 25th. Finally, TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.43.

Wolfspeed Trading Up 4.9 %

Shares of WOLF traded up $0.89 during mid-day trading on Friday, hitting $19.23. 3,627,196 shares of the company were exchanged, compared to its average volume of 3,186,264. Wolfspeed has a 1-year low of $18.10 and a 1-year high of $66.22. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The company has a 50 day moving average of $24.77 and a 200-day moving average of $26.81.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Equities analysts forecast that Wolfspeed will post -3.21 EPS for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Marvin Riley purchased 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the transaction, the director now owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

A number of hedge funds have recently bought and sold shares of WOLF. TFO Wealth Partners LLC raised its holdings in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Mather Group LLC. raised its holdings in Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the last quarter. Independence Bank of Kentucky raised its holdings in Wolfspeed by 97.0% in the 4th 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 last quarter. Fifth Third Bancorp raised its holdings in Wolfspeed by 56.9% in 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 last quarter. Finally, Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed in the 4th quarter valued at approximately $48,000.

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.