Wolfspeed Sees Unusually High Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) saw unusually large options trading activity on Monday. Stock investors acquired 38,926 put options on the stock. This is an increase of approximately 61% compared to the average daily volume of 24,177 put options.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Two Sigma Advisers LP raised its position in shares of Wolfspeed by 813.6% in the 3rd 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 last quarter. Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 15.3% during the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after buying an additional 766,971 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the third quarter valued at $4,542,000. Finally, Iridian Asset Management LLC CT increased its position in shares of 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 acquiring an additional 397,057 shares during the period.

Wolfspeed Price Performance

WOLF opened at $6.75 on Tuesday. The firm has a market capitalization of $862.06 million, a PE ratio of -1.13 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The business’s 50-day moving average is $9.92 and its two-hundred day moving average is $13.57. Wolfspeed has a 1 year low of $6.10 and a 1 year high of $44.77.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WOLF shares. Mizuho reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. The Goldman Sachs Group decreased their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Morgan Stanley lifted their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Roth Mkm reduced their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.21.

About Wolfspeed

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.