Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading activity on Monday. Traders acquired 50,729 put options on the company. This represents an increase of approximately 140% compared to the typical daily volume of 21,098 put options.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Wednesday, June 24th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Wolfspeed Stock Performance

Wolfspeed stock traded down $1.42 during trading hours on Monday, hitting $33.87. 1,807,672 shares of the stock were exchanged, compared to its average volume of 4,483,828. The stock has a market capitalization of $1.76 billion and a P/E ratio of -3.20. Wolfspeed has a 12 month low of $8.05 and a 12 month high of $80.82. The business’s 50-day moving average is $51.64 and its two-hundred day moving average is $30.71.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s revenue was down 19.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.72) EPS.

Institutional Trading of Wolfspeed

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renesas Electronics America Inc. acquired a new position in Wolfspeed during the 4th quarter worth about $293,400,000. UBS Group AG raised its stake in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after acquiring an additional 1,233,419 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Wolfspeed by 94.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new position in shares of Wolfspeed during the fourth quarter worth approximately $12,451,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.