Wolfspeed Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Wolfspeed WOLF.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with WOLF, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Wolfspeed.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.

Out of all of the options we uncovered, 7 are puts, for a total amount of $405,319, and there was 1 call, for a total amount of $80,000.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $7.5 to $25.0 for Wolfspeed over the recent three months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Wolfspeed's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Wolfspeed's substantial trades, within a strike price spectrum from $7.5 to $25.0 over the preceding 30 days.

Wolfspeed Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Wolfspeed

Wolfspeed Inc is involved in the manufacturing of wide bandgap semiconductors. It is focused on silicon carbide and gallium nitride materials and devices for power and radio-frequency (RF) applications. The company serves applications such as transportation, power supplies, inverters, and wireless systems. Geographically, it derives a majority of its revenue from Europe and the rest from the United States, China, Hong Kong, Asia Pacific, and other regions.

Wolfspeed's Current Market Status

• Trading volume stands at 5,373,332, with WOLF's price down by -8.47%, positioned at $8.7.
• RSI indicators show the stock to be may be approaching oversold.
• Earnings announcement expected in 53 days.

What Analysts Are Saying About Wolfspeed

In the last month, 5 experts released ratings on this stock with an average target price of $15.4.

• Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Wolfspeed, targeting a price of $17.
• An analyst from Deutsche Bank has decided to maintain their Hold rating on Wolfspeed, which currently sits at a price target of $14.
• An analyst from TD Cowen has decided to maintain their Hold rating on Wolfspeed, which currently sits at a price target of $15.
• Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Wolfspeed, targeting a price of $16.
• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Wolfspeed, targeting a price of $15.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Wolfspeed, Benzinga Pro gives you real-time options trades alerts.