Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Monday. Investors purchased 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.

Institutional Trading of Wolfspeed

Several institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in 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 acquiring an additional 881,603 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Wolfspeed during the 2nd quarter worth $47,000. Ilex Capital Partners UK LLP grew its holdings in shares of Wolfspeed by 499.1% during the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after purchasing an additional 554,587 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed during the 2nd quarter worth about $34,000.

Analyst Ratings Changes

A number of research firms have weighed in on WOLF. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Up 1.8%

Shares of WOLF opened at $34.26 on Wednesday. Wolfspeed has a 52-week low of $8.05 and a 52-week high of $80.82. The stock has a fifty day simple moving average of $51.68 and a two-hundred day simple moving average of $30.93. The company has a market capitalization of $1.78 billion and a PE ratio of -3.24.

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

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.