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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Wednesday. Traders acquired 20,645 call options on the company. This represents an increase of 10% compared to the average daily volume of 18,725 call options.

Hedge Funds Weigh In On Wolfspeed

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the period. Primecap Management Co. CA raised its stake in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares during the period. Samlyn Capital LLC grew its stake in Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after buying an additional 343,277 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Wolfspeed by 2.0% during the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock worth $21,265,000 after buying an additional 14,007 shares in the last quarter.

Wolfspeed Stock Up 1.8 %

WOLF opened at $16.19 on Friday. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The stock has a fifty day moving average of $10.41 and a 200-day moving average of $19.45. Wolfspeed has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The company has a market capitalization of $2.04 billion, a P/E ratio of -2.51 and a beta of 1.52.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Piper Sandler cut their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. TD Cowen dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Finally, Susquehanna reduced their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.