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

Wolfspeed, Inc. (NYSE:WOLFGet Free Report) was the target of unusually large options trading activity on Friday. Traders bought 22,484 put options on the stock. This represents an increase of 117% compared to the typical volume of 10,368 put options.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WOLF shares. Citigroup decreased their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and decreased their target price for the company from $40.00 to $25.00 in a research report on Thursday, May 2nd. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, Mizuho lifted their price objective on shares of Wolfspeed from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $36.36.

Read Our Latest Report on WOLF

Insider Transactions at Wolfspeed

In related news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the purchase, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.62% of the company’s stock.

Institutional Trading of Wolfspeed

A number of institutional investors and hedge funds have recently modified their holdings of WOLF. UBS Group AG increased its stake in shares of Wolfspeed by 57.5% during the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after purchasing an additional 80,011 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Wolfspeed by 2.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock valued at $435,000 after acquiring an additional 317 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Wolfspeed during the 3rd quarter valued at about $262,000. Nordea Investment Management AB grew its stake in Wolfspeed by 42.2% during the 3rd quarter. Nordea Investment Management AB now owns 10,082 shares of the company’s stock valued at $392,000 after acquiring an additional 2,990 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after acquiring an additional 117,848 shares in the last quarter.

Wolfspeed Stock Down 0.7 %

WOLF stock opened at $23.59 on Friday. The stock has a market capitalization of $2.97 billion, a P/E ratio of -3.65 and a beta of 1.60. The firm has a 50-day simple moving average of $25.85 and a 200-day simple moving average of $30.20. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. Wolfspeed has a 52 week low of $20.63 and a 52 week high of $70.42.

Wolfspeed (NYSE:WOLFGet Free Report) last released its earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. Equities analysts forecast that Wolfspeed will post -3.13 earnings per share for the current fiscal year.

Wolfspeed Company Profile

(Get Free Report)

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.

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