Why Wolfspeed Stock Skyrocketed Today

Wolfspeed (NYSE: WOLF) stock posted explosive gains in Friday's trading. The company's share price ended the day's trading up 31% and had been up as much as 35.4% earlier in the daily session.Wolfspeed stock gained ground in conjunction with news about the compensation for executive chairman Thomas Werner and filings with the Securities and Exchange Commission (SEC) showing that insiders had recently acquired shares. In addition to these catalysts, the company's share price also appears to have benefited from a surge of bullish momentum for meme stocks.Earlier this week, Wolfspeed announced that its CEO, Gregg Lowe, would be stepping back from the role this month and also departing from the company's board of directors. In conjunction with the announcement, the company stated that board chairman Thomas Werner would also step into the executive chairman role as the tech specialist works to select its next CEO.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool