Wolfspeed Sees Unusually Large Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Wednesday. Stock investors bought 22,753 call options on the company. This represents an increase of approximately 33% compared to the typical daily volume of 17,159 call options.

Institutional Investors Weigh In On Wolfspeed

Several hedge funds and other institutional investors have recently made changes to their positions in WOLF. Royal Bank of Canada acquired a new position in shares of Wolfspeed during the 1st quarter valued at about $89,000. Lazard Asset Management LLC purchased a new position in shares of Wolfspeed during the 1st quarter worth approximately $1,796,000. Sei Investments Co. purchased a new position in shares of Wolfspeed during the first quarter worth $494,000. First Trust Advisors LP grew its position in Wolfspeed by 60.6% in the 1st quarter. First Trust Advisors LP now owns 98,874 shares of the company’s stock valued at $1,614,000 after acquiring an additional 37,313 shares in the last quarter. Finally, Shah Capital Management grew its holdings in shares of Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock valued at $8,306,000 after purchasing an additional 475,454 shares in the last quarter.

Wolfspeed Price Performance

WOLF stock traded down $5.44 during trading on Wednesday, hitting $43.34. The stock had a trading volume of 4,781,210 shares, compared to its average volume of 4,284,931. Wolfspeed has a twelve month low of $8.05 and a twelve month high of $80.82. The company’s 50-day moving average price is $41.59 and its two-hundred day moving average price is $26.66. The stock has a market capitalization of $2.10 billion and a P/E ratio of -4.10.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WOLF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen upgraded 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 assigned a Sell rating to the company’s stock. According to MarketBeat, Wolfspeed has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Company Profile

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.