Wolfspeed Sees Unusually High Options Volume (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading on Monday. Stock traders purchased 73,244 call options on the company. This represents an increase of 160% compared to the average volume of 28,223 call options.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently modified their holdings of the business. Renesas Electronics America Inc. purchased a new position in shares of Wolfspeed in the 4th quarter worth approximately $293,400,000. UBS Group AG boosted its stake in Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after acquiring an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in 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 valued at $5,718,000 after acquiring an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Wolfspeed by 176.7% in 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 during the last quarter. Finally, Calamos Advisors LLC purchased a new position in Wolfspeed in the fourth quarter worth $12,451,000.

Wolfspeed Stock Up 7.3%

NYSE WOLF traded up $1.73 during trading hours on Monday, hitting $25.35. 2,026,033 shares of the company were exchanged, compared to its average volume of 4,433,804. The stock has a 50-day moving average price of $43.62 and a 200 day moving average price of $31.71. Wolfspeed has a 52 week low of $8.05 and a 52 week high of $80.82. The stock has a market cap of $1.32 billion and a PE ratio of -2.40.

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Susquehanna dropped their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Finally, Wall Street Zen downgraded Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday. 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 company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.00.

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.