Why Wolfspeed Stock Is Soaring Today

Wolfpseed (NYSE: WOLF) stock is making big gains again in Monday's trading. The chip specialist's share price was up 14.4% as of 1:30 p.m. ET. Meanwhile, the S 500 index was up 0.2%, and the Nasdaq Composite index was up 0.9%.

While there isn't any business-specific news pushing Wolfspeed stock higher today, the company's valuation is climbing in conjunction with meme-stock momentum and a bullish backdrop for the broader market. The company's share price is now up roughly 30% over the last week of trading.

Wolfspeed has attracted attention as a meme-stock play in recent months. The company's valuation then surged at the end of November after filings with the Securities and Exchange Commission (SEC) revealed that four members of the company's board of directors had acquired substantial amounts of stock. The chip specialist's CEO also stepped down near the time when the board directors were acquiring stock, and the company has announced that it has started the process of finding a new leader for the business.

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Source Fool.com