Wolfspeed Target of Unusually High Options Trading (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the target of some unusual options trading activity on Monday. Stock investors bought 44,818 call options on the company. This is an increase of approximately 75% compared to the average volume of 25,579 call options.

Analyst Ratings Changes

Several brokerages recently weighed in on WOLF. The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group decreased their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. TD Cowen lowered their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Wednesday, August 7th. Finally, Susquehanna lowered their price target on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Price Performance

Shares of WOLF stock opened at $8.87 on Wednesday. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed has a 1 year low of $6.10 and a 1 year high of $47.43. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -1.49 and a beta of 1.46. The firm’s 50 day moving average is $10.74 and its 200-day moving average is $16.60.

Insider Activity

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Wolfspeed

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

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.