Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading on Monday. Stock traders bought 44,818 call options on the company. This is an increase of approximately 75% compared to the typical volume of 25,579 call options.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WOLF. Virtu Financial LLC lifted its stake in shares of Wolfspeed by 160.8% during the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock valued at $568,000 after buying an additional 36,105 shares during the period. Aequim Alternative Investments LP raised its holdings in Wolfspeed by 20.2% in the 3rd quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock valued at $1,909,000 after acquiring an additional 33,036 shares during the last quarter. M&T Bank Corp lifted its stake in shares of Wolfspeed by 120.5% during the 3rd quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock worth $623,000 after purchasing an additional 35,101 shares during the period. XTX Topco Ltd boosted its holdings in shares of Wolfspeed by 145.4% during the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock worth $474,000 after purchasing an additional 28,983 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares during the period.

Wall Street Analysts Forecast Growth

WOLF has been the subject of several recent research reports. Roth Mkm reduced their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Wednesday, August 7th. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. lowered their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Two 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed Price Performance

Wolfspeed stock opened at $9.94 on Tuesday. 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 one year low of $6.10 and a one year high of $47.43. The company has a market cap of $1.27 billion, a P/E ratio of -1.67 and a beta of 1.46. The business has a fifty day moving average of $10.74 and a two-hundred day moving average of $16.60.

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.