Wolfspeed Stock (WOLF) on November 23, 2025: Options Surge After Post‑Bankruptcy Reboot

Wolfspeed, Inc. (NYSE: WOLF) is back in the headlines this weekend as options traders pile into bearish bets and investors continue to digest the company’s post‑bankruptcy turnaround story, soft near‑term outlook, and new silicon carbide (SiC) product launches.

Here’s a detailed look at where Wolfspeed stock stands today, November 23, 2025, and what the newest news means for WOLF shareholders.

Key Facts About Wolfspeed Stock Today

Last close (Friday, Nov. 21, 2025):
Wolfspeed shares closed at $17.18, with an intraday range roughly between $16.47 and $18.10, according to Yahoo Finance, Nasdaq and the company’s investor site. ^[1]
Volatile year after bankruptcy:
The stock has swung dramatically in 2025, collapsing into a Chapter 11 restructuring mid‑year and then spiking on its emergence from bankruptcy and subsequent earnings updates. ^[2]
Business focus:
Wolfspeed is a pure‑play on silicon carbide and gallium nitride power semiconductors, used in electric vehicles, renewable energy systems, power supplies and industrial applications. ^[3]
Latest quarter (Q1 FY 2026):
The company reported about $197 million in revenue and a narrower loss than last year, but issued much weaker‑than‑expected guidance for the current quarter. ^[4]
Near‑term narrative:
Post‑bankruptcy, Wolfspeed has significantly reduced debt and refocused its roadmap, but still faces soft auto demand, overcapacity in SiC devices and heavy competition from giants like STMicroelectronics and Infineon. ^[5]

Fresh Wolfspeed News Around November 23, 2025

Today’s most relevant Wolfspeed headlines aren’t about a new deal or earnings release. Instead, they’re about derivatives activity and ongoing investor positioning in a still‑fragile turnaround.

1. Unusually Heavy Options Activity in WOLF

MarketBeat and AmericanBankingNews highlight a spike in put‑option trading in Wolfspeed:

MarketBeat’s latest alert, dated November 22, 2025, reports that investors purchased a large volume of Wolfspeed put options, well above the stock’s typical daily options activity. ^[6]
MarketBeat’s WOLF news page also flags an AmericanBankingNews piece on November 23 noting “unusually high options volume” in Wolfspeed, again emphasizing that put activity was elevated compared with average levels. ^[7]

While exact contract counts vary by source, the message is the same:
options traders are actively hedging or speculating on further downside in WOLF after its latest guidance cut.

These articles also reiterate recent fundamentals:

Wolfspeed lost roughly $0.63 per share last quarter on a GAAP basis, but that was still about $0.05 better than consensus, and revenue of roughly $196–197 million slightly topped expectations. ^[8]
Despite this modest beat, the stock price has remained under pressure due to weak forward guidance and concerns over the SiC demand cycle.

2. WOLF News Feed: Rating Changes and Price Swings

The broader WOLF news stream over the last few weeks, summarized on MarketBeat’s “WOLF News Today” page, shows a pattern of rating changes and big one‑day moves:

Articles like “Wolfspeed (NYSE:WOLF) Shares Up 12.3% – What’s Next?” and “Wolfspeed (NYSE:WOLF) Shares Gap Down – What’s Next?” highlight the name’s high volatility as investors react to each new data point. ^[9]
Wall Street Zen and other outlets have toggled their stance, with WOLF’s rating sliding to “Reduce” or “Hold” at various points this fall as analysts acknowledge improved balance sheet health but weaker revenue visibility. ^[10]

Taken together, the unusual options volume and mixed analyst tone capture the mood on November 23: Wolfspeed is no longer in existential crisis after restructuring, but the market is far from convinced that growth will accelerate quickly enough to justify a sustained rerating.

How Wolfspeed Got Here: Bankruptcy, Restructuring and Q1 FY 2026

To understand today’s sentiment, you have to rewind to Wolfspeed’s dramatic mid‑2025 pivot.

1. Chapter 11 Filing and Debt Deal

In late June, Reuters reported that Wolfspeed had reached a restructuring agreement with creditors and planned to file for Chapter 11 bankruptcy protection in the United States. ^[11]

Key elements of the plan, as described by Reuters, Bloomberg and GuruFocus:

The deal aimed to slash around $4.6 billion of debt and hand effective control of the company to a lender group led by private‑equity investors. ^[12]
Wolfspeed cited overcapacity, heavy capex and slower‑than‑expected EV demand as key reasons for the restructuring. ^[13]

In early September, Investing.com reported that a U.S. court had approved Wolfspeed’s reorganization plan, clearing the way for the company to exit Chapter 11 with a much leaner balance sheet. ^[14]

2. Emergence from Bankruptcy and Stock Rebound

On September 30, Reuters noted that Wolfspeed had successfully emerged from Chapter 11, with its debt load cut by about 70% and a new focus on its most competitive SiC product lines. Shares surged more than 30% in a single session on the news. ^[15]

Post‑restructuring, Wolfspeed positions itself as:

A leaner SiC specialist focused on devices and materials for automotive, industrial and energy applications,
With a simplified capital structure, but
Still exposed to a cyclical EV and power‑electronics market that has cooled from the peak of the 2021–2022 boom. ^[16]

3. Q1 FY 2026 Results: Better Than Feared, But Soft Guidance

On October 29, Wolfspeed reported results for the first quarter of fiscal 2026. ^[17]

Headline numbers across Reuters, Yahoo Finance and the company’s own releases:

Revenue: About $197 million, slightly above the ~$195 million recorded a year earlier and a touch ahead of analyst estimates around $195–196 million. ^[18]
Loss per share:
- An adjusted loss of roughly $0.55 per share, significantly narrower than the $0.91 loss a year ago. ^[19]
- MarketBeat and options‑focused coverage reference a GAAP loss around $0.63 per share, still about $0.05 better than consensus expectations. ^[20]

The real issue wasn’t the quarter that just happened, but the one ahead:

Wolfspeed guided Q2 FY 2026 revenue to just $150–190 million, far below the ~$232 million analysts were expecting.
Management warned that softness in EV and industrial demand and elevated inventories could persist well into 2026, even as the company pivots toward new end markets like AI data centers, aerospace and grid‑scale energy storage. ^[21]

Unsurprisingly, WOLF shares plunged more than 18% in extended trading after the guidance came out. ^[22]

Product Momentum: New 1200V SiC Power Modules Lift the Long-Term Story

Despite the near‑term gloom, Wolfspeed is still shipping new technology – and the market has noticed.

On November 17, 2025, Wolfspeed announced the launch of 1200V silicon carbide “six‑pack” power modules designed for electric vehicle propulsion systems. ^[23]

According to the company’s release and follow‑up coverage:

The Gen 4 modules deliver about 3× the power‑cycling capability and roughly 15% higher current capability compared with prior generation solutions. ^[24]
The devices target e‑mobility inverters and powertrains, a core use case where SiC’s efficiency benefits over traditional silicon are most compelling. ^[25]
Investing.com notes that Wolfspeed shares rose on the announcement, as the product launch reinforced the company’s technology leadership even amid financial turbulence. ^[26]

The modules are currently available for customer sampling, with broader commercial availability expected in early 2026. ^[27]

For long‑term investors, this is a reminder that the Wolfspeed equity story still rests on SiC demand growth, not just balance‑sheet repair.

What the Options and Analysts Are Saying About WOLF Now

1. Options Market: Hedging and Speculation

The flurry of put buying highlighted this weekend suggests that:

Some traders are hedging existing equity positions, worried that weak guidance and macro headwinds could push WOLF below recent lows.
Others may be outright bearish, betting that post‑bankruptcy enthusiasm was overdone and that further disappointments could be ahead.

MarketBeat’s options alert ties this surge in put volume directly to the October earnings miss on guidance and the ongoing downtrend in the share price since. ^[28]

2. Analyst and Blogger Sentiment

Recent write‑ups from Seeking Alpha, GuruFocus and others share a broadly cautious tone:

GuruFocus characterizes Q1 FY 2026 as “strong revenue post‑bankruptcy, but lower forecast”, stressing the tension between improving operations and soft forward demand. ^[29]
Multiple analysts and bloggers on Seeking Alpha have downgraded or shifted to a neutral stance, citing:
- Slower EV adoption,
- Competitive pressure from better‑capitalized chipmakers, and
- The risk that Wolfspeed’s capacity investments still exceed near‑term demand. ^[30]
MarketBeat’s rating summary shows a mixed analyst picture, with some firms maintaining Neutral or equivalent ratings and price targets not far from – or only modestly above – current levels. ^[31]

In short, WOLF is no longer a consensus “avoid”, but it’s not a market darling either. Street views generally acknowledge the improved balance sheet and strong technology, while questioning how quickly that will translate into profitable growth.

Wolfspeed’s Risk–Reward Profile on November 23, 2025

For investors considering Wolfspeed stock today, several key themes stand out.

Potential Positives

Deleveraged Balance Sheet
Chapter 11 and the associated debt‑for‑equity swap meaningfully reduced Wolfspeed’s leverage, giving management more breathing room to navigate a bumpy demand environment. ^[32]
Technology Leadership in SiC
The new 1200V six‑pack modules underscore Wolfspeed’s engineering edge in high‑voltage SiC devices – a niche likely to see structural growth as EVs, renewable energy and high‑efficiency power electronics proliferate. ^[33]
Option Value on a Demand Rebound
If EV and industrial demand rebound faster than Wolfspeed’s conservative guidance assumes, the company’s existing capacity could support significant operating leverage, potentially driving earnings recovery faster than the market currently prices in. ^[34]

Key Risks

Weak Near‑Term Outlook
Guidance for Q2 FY 2026 (revenue of $150–190 million vs. ~ $232 million expected) shows that the order book is under real pressure, and management believes that softness could persist until at least late 2026. ^[35]
Competitive Pressure
Larger players like STMicroelectronics and Infineon are ramping their own SiC lines, often with more diversified revenue bases and deeper pockets to ride out downturns. ^[36]
High Volatility and Options Overhang
The current spike in bearish options activity highlights just how polarized sentiment has become. That can amplify short‑term moves both up and down, making WOLF a high‑beta trading vehicle rather than a sleepy long‑term hold. ^[37]
Execution After Restructuring
Emerging from bankruptcy is one challenge; executing a profitable growth strategy afterward is another. Wolfspeed must prove it can:
- Run its fabs efficiently,
- Target the right mix of customers and end markets, and
- Avoid another cycle of overbuilding capacity for demand that doesn’t materialize. ^[38]

Bottom Line: WOLF Stock on November 23, 2025

On this date, Wolfspeed sits at a crossroads:

The balance sheet is healthier after Chapter 11, and Q1 FY 2026 results show incremental progress, with slightly higher revenue and a narrower loss than a year ago. ^[39]
At the same time, guidance is soft, options traders are ramping up bearish bets, and analysts remain cautious about near‑term SiC demand and competitive dynamics. ^[40]
New products like the 1200V SiC six‑pack power modules show Wolfspeed still has technical firepower, giving the stock meaningful upside optionality if the demand curve steepens again. ^[41]

For investors, Wolfspeed today looks less like a binary bankruptcy bet and more like a high‑risk, high‑volatility turnaround in a strategically important niche of the semiconductor market.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Anyone considering WOLF should carefully evaluate their own risk tolerance, time horizon and portfolio needs – and be prepared for substantial price swings while the company works through its post‑restructuring playbook.

Wolfspeed Stock Skyrockets 1,100% After Bankruptcy