Moderately bullish activity in Wolfspeed with shares up 117.98%

Moderately bullish activity in Wolfspeed (WOLF), with shares up 47c, or 117.98%, near $0.87. Options volume extremely heavy with 195k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 1.15. Implied volatility (IV30) is up nearly 76.0 points near 310.54, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.17. Put-call skew steepened, indicating increased demand for downside protection.