Why Wolfspeed Plunged This Week
Shares of silicon carbide producer (NYSE: WOLF) fell hard this week, down 16.7% through 3:13 p.m. EDT Thursday, according to data from S&P Global Market Intelligence.
Wolfspeed has had a tough year, down 80.3% in 2024. So, this week's slide was pretty much a continuation of the negative trends affecting it all year. On top of that, a Wall Street analyst downgraded shares Thursday, adding insult to injury.
Wolfspeed has been spending a tremendous amount of money in order to become a vertically integrated producer of silicon carbide (SiC) chips. Of note, silicon carbide is somewhat difficult to work with and produce in volumes, but when it works, it conducts higher voltages and is more efficient while operating at lower temperatures than traditional silicon. As such, SiC has been touted as the future for electric vehicles (EVs) and electric infrastructure.
Source Fool.com
Wolfspeed Inc. Stock
The community is currently still undecided about Wolfspeed Inc. with 1 Buy predictions and 0 Sell predictions.
With a target price of 9 € there is a slightly positive potential of 4.36% for Wolfspeed Inc. compared to the current price of 8.62 €.
