Traders Purchase Large Volume of Wolfspeed Call Options (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Thursday. Investors acquired 21,674 call options on the stock. This is an increase of approximately 80% compared to the typical daily volume of 12,062 call options.

Insider Buying and Selling at Wolfspeed

In other news, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were bought at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the transaction, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock valued at $549,502,000 after purchasing an additional 157,668 shares in the last quarter. Norges Bank acquired a new stake in shares of Wolfspeed in the 4th quarter valued at $308,701,000. Artisan Partners Limited Partnership increased its stake in shares of Wolfspeed by 15.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after buying an additional 352,609 shares during the period. Primecap Management Co. CA increased its stake in shares of Wolfspeed by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after buying an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. increased its stake in shares of Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the period.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a report on Tuesday, April 23rd. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Piper Sandler lowered their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Roth Mkm reiterated a “buy” rating and set a $50.00 price target on shares of Wolfspeed in a report on Tuesday. Finally, William Blair downgraded Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.00.

Wolfspeed Stock Down 14.3 %

Shares of NYSE WOLF traded down $3.74 during mid-day trading on Thursday, reaching $22.37. 9,501,657 shares of the company traded hands, compared to its average volume of 4,816,167. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock has a market cap of $2.81 billion, a PE ratio of -3.76 and a beta of 1.64. The company’s fifty day moving average is $26.62 and its two-hundred day moving average is $32.17. Wolfspeed has a fifty-two week low of $20.63 and a fifty-two week high of $70.42.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. On average, analysts expect that Wolfspeed will post -3.05 earnings per share for the current year.

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.