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Why Wolfspeed Rocketed 20% Higher Today

TheMotleyFool

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Why Wolfspeed Rocketed 20% Higher TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/32e7a10f-efd0-424a-861f-2f3e0bb7ce02.png

Shares of beleaguered chipmaker (NYSE: WOLF) rocketed 20% higher on Friday as of 3:54 p.m. EDT.

Wolfspeed, which had seen its stock crash 93% off its 2021 highs, was perhaps due for a bounce on any good news. And some good news came today on the back of positive sell-side analyst commentary and hopes for new customer wins.

In a note today, sell-side analysts from Wolf/MKM reiterated their buy rating on Wolfspeed shares, maintaining a $25 price target, significantly higher than the $9.50 stock price at yesterday's close.

Source Fool.com