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Why Wolfspeed Rallied Again Today

TheMotleyFool

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Shares of (NYSE: WOLF) were rocketing higher today, up 15.1% as of 2:26 p.m. ET.

The big move higher follows a massive 31% move on Friday, continuing a vicious bounce off of the company's recent lows. Still, Wolfspeed's stock was down over 80% on the year entering the day, showing just how far this once-highly touted chip stock had fallen.

Still, today saw more good news, with another insider disclosing an open-market purchase after several board members disclosed share purchases last Friday. Additionally, California Gov. Gavin Newsom provided relief for the electric vehicle (EV) sector and its suppliers, Wolfspeed included.

Source Fool.com