Wolfspeed Target of Unusually Large Options Trading (NYSE:WOLF)

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of some unusual options trading on Thursday. Investors acquired 37,764 call options on the stock. This represents an increase of approximately 35% compared to the average daily volume of 27,874 call options.

Analyst Ratings Changes

Several research firms have recently issued reports on WOLF. Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Mizuho reduced their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.07.

Wolfspeed Stock Performance

Wolfspeed stock opened at $6.25 on Friday. Wolfspeed has a twelve month low of $4.66 and a twelve month high of $37.29. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock’s 50 day moving average is $7.70 and its 200 day moving average is $11.83.

Insider Buying and Selling at Wolfspeed

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

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the stock. Eastern Bank purchased a new position in shares of Wolfspeed in the 3rd quarter worth about $27,000. GAMMA Investing LLC increased its stake in Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after purchasing an additional 3,664 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Wolfspeed by 69.0% in the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after buying an additional 2,885 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Wolfspeed in the second quarter worth approximately $220,000. Finally, Arkadios Wealth Advisors bought a new position in shares of Wolfspeed in the fourth quarter worth approximately $67,000.

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.