Stock Traders Purchase High Volume of Call Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of unusually large options trading on Wednesday. Traders bought 20,645 call options on the company. This represents an increase of approximately 10% compared to the typical volume of 18,725 call options.

Institutional Investors Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rheos Capital Works Inc. increased its holdings in shares of Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after buying an additional 250,000 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Wolfspeed by 5.1% during the third quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after buying an additional 1,835 shares in the last quarter. Creative Planning acquired a new position in shares of Wolfspeed during the third quarter worth $224,000. Inspire Investing LLC increased its holdings in shares of Wolfspeed by 178.3% during the third quarter. Inspire Investing LLC now owns 42,906 shares of the company’s stock worth $416,000 after buying an additional 27,487 shares in the last quarter. Finally, Green Alpha Advisors LLC increased its holdings in shares of Wolfspeed by 45.2% during the third quarter. Green Alpha Advisors LLC now owns 34,368 shares of the company’s stock worth $333,000 after buying an additional 10,695 shares in the last quarter.

Wolfspeed Stock Up 15.0 %

NYSE WOLF opened at $15.88 on Thursday. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. Wolfspeed has a 1-year low of $7.28 and a 1-year high of $47.43. The company has a 50 day moving average of $10.37 and a 200-day moving average of $19.47. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -2.46 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. On average, equities research analysts expect that Wolfspeed will post -3.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Mizuho cut Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $17.00 to $8.00 in a report on Thursday, October 3rd. TD Cowen cut their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. Canaccord Genuity Group cut their price objective on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Morgan Stanley raised their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.43.

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.