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

Wolfspeed, Inc. (NYSE:WOLF) was the recipient of unusually large options trading on Monday. Stock investors bought 44,818 call options on the stock. This represents an increase of 75% compared to the typical volume of 25,579 call options.

Insider Buying and Selling

In related news, Chairman Thomas H. Werner bought 37,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now directly 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 filing with the SEC, which is available at the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wolfspeed

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares during the last quarter. Advisors Asset Management Inc. grew its position in shares of Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after buying an additional 691 shares during the last quarter. Lazard Asset Management LLC raised its stake in Wolfspeed by 292,375.0% during the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after acquiring an additional 70,170 shares in the last quarter. Janus Henderson Group PLC lifted its position in Wolfspeed by 2.0% in the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after acquiring an additional 14,007 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Wolfspeed in the first quarter valued at $245,000.

Analysts Set New Price Targets

Several equities analysts have weighed in on WOLF shares. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Wednesday, August 7th. Roth Mkm lowered their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Mizuho reduced their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Canaccord Genuity Group cut their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Two investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Stock Up 14.6 %

NYSE:WOLF traded up $1.23 during mid-day trading on Monday, hitting $9.67. The stock had a trading volume of 18,870,357 shares, compared to its average volume of 7,116,373. Wolfspeed has a twelve month low of $6.10 and a twelve month high of $47.43. The stock has a 50-day simple moving average of $10.70 and a two-hundred day simple moving average of $16.71. 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 company has a market capitalization of $1.23 billion, a PE ratio of -1.55 and a beta of 1.46.

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.