Is Wolfspeed a Buy?

Shares of (NYSE: WOLF) are down 98% since the company began trading under the WOLF ticker in 2021. The company is working with creditors to restructure its massive debt through the Chapter 11 bankruptcy process.

Those are clear signs of a business in deep distress. Still, some speculative investors are drawn to beaten-down stocks like Wolfspeed, hoping for a dramatic turnaround. With meme stocks back in the spotlight, many are hunting for the next -- which soared 9,400% since the stock bottomed out in late 2022.

Wolfspeed management insists that the business has massive potential. With the right turnaround plan, could it be the next Carvana?

Source Fool.com