Wolfspeed Unusual Options Activity For November 07

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 25%, bearish.

Out of all of the options we uncovered, 7 are puts, for a total amount of $434,690, and there was 1 call, for a total amount of $80,050.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $15.5 for Wolfspeed over the last 3 months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of Wolfspeed stands at 1386.86, with a total volume reaching 3,984.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Wolfspeed, situated within the strike price corridor from $10.0 to $15.5, throughout the last 30 days.

Wolfspeed Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

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.

Where Is Wolfspeed Standing Right Now?

• Trading volume stands at 16,268,847, with WOLF's price down by -28.15%, positioned at $9.85.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 83 days.

What Analysts Are Saying About Wolfspeed

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $16.6.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Wolfspeed, targeting a price of $15. * Maintaining their stance, an analyst from Susquehanna continues to hold a Neutral rating for Wolfspeed, targeting a price of $11. * In a cautious move, an analyst from Piper Sandler downgraded its rating to Overweight, setting a price target of $18. * An analyst from Goldman Sachs persists with their Buy rating on Wolfspeed, maintaining a target price of $19. * Maintaining their stance, an analyst from Roth MKM continues to hold a Buy rating for Wolfspeed, targeting a price of $20.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Wolfspeed with Benzinga Pro for real-time alerts.