Stock Traders Buy High Volume of Call Options on Wolfspeed (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Monday. Stock investors acquired 44,818 call options on the company. This represents an increase of approximately 75% compared to the typical daily volume of 25,579 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, August 7th. Roth Mkm lowered their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Susquehanna decreased their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Morgan Stanley increased their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Stock Up 17.8 %

WOLF stock opened at $9.94 on Tuesday. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market cap of $1.27 billion, a PE ratio of -1.67 and a beta of 1.46. Wolfspeed has a 1 year low of $6.10 and a 1 year high of $47.43. The company has a fifty day simple moving average of $10.74 and a 200 day simple moving average of $16.60.

Insider Activity at Wolfspeed

In related news, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC lifted its holdings in shares of Wolfspeed by 160.8% during the third quarter. Virtu Financial LLC now owns 58,560 shares of the company’s stock worth $568,000 after buying an additional 36,105 shares during the last quarter. Aequim Alternative Investments LP grew its position in Wolfspeed by 20.2% during the third quarter. Aequim Alternative Investments LP now owns 196,836 shares of the company’s stock worth $1,909,000 after buying an additional 33,036 shares in the last quarter. M&T Bank Corp increased its stake in Wolfspeed by 120.5% during the third quarter. M&T Bank Corp now owns 64,222 shares of the company’s stock valued at $623,000 after acquiring an additional 35,101 shares during the period. XTX Topco Ltd increased its position in shares of Wolfspeed by 145.4% during the third quarter. XTX Topco Ltd now owns 48,914 shares of the company’s stock valued at $474,000 after purchasing an additional 28,983 shares during the period. Finally, Two Sigma Advisers LP raised its stake in shares of Wolfspeed by 813.6% in the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter.

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.