Option traders moderately bearish in Wolfspeed with shares down 11.98%

Option traders moderately bearish in Wolfspeed (WOLF), with shares down $2.16 near $15.87. Options volume relatively light with 975 contracts traded and calls leading puts for a put/call ratio of 0.37, compared to a typical level near 70.28. Implied volatility (IV30) is higher by 7.2 points near 110.98,and below the 52wk median, suggesting an expected daily move of $1.11. Put-call skew steepened, indicating increased demand for downside protection.