Why Wolfspeed Stock Is Plummeting Today
On the heels of a recent rally, (NYSE: WOLF) stock is getting hit with a round of big sell-offs in Wednesday's trading. The silicon-carbide specialist's share price was down 13.7% as of 12:10 p.m. ET amid the backdrop of a 0.2% gain for the S 500 (SNPINDEX: ^GSPC) and a 0.5% gain for the Nasdaq Composite (NASDAQINDEX: ^IXIC). The stock had been down as much as 23% earlier in the session.
While there doesn't appear to be any fresh news driving the big valuation pullback today, it's not surprising to see investors moving to take profits on the heels of the company's recent valuation run-up. The stock saw massive gains after it was announced that Gregor van Issum had been selected as the company's next CFO, and the rally may have been significantly overdone.
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Source Fool.com
