Option traders moderately bearish in Wolfspeed with shares down 3.34%

Option traders moderately bearish in Wolfspeed (WOLF), with shares down 60c near $17.35. Options volume relatively light with 687 contracts traded and calls leading puts for a put/call ratio of 0.47, compared to a typical level near 159.34. Implied volatility (IV30) is higher by 2.4 points near 93.46,in the bottom quartile of the past year, suggesting an expected daily move of $1.02. Put-call skew steepened, indicating increased demand for downside protection.