What is Happening to Wolfspeed’s Stock Price (NYSE: WOLF)
Wolfspeed’s stock (NYSE:WOLF) plunged 51.86% during Friday’s trading session, closing at a multi-decade low of $2.59 on exceptionally high volume of 175.9 million shares, significantly above its average of 22.7 million. This rather dramatic day brings the stock’s loss over the past 12 months to 91.34%, causing plenty of concern amongst holders and markets alike.
The company seems to be facing a significant number off financial headwinds. Foremost among markets’ concerns is the mounting uncertainty surrounding anticipated federal funding under the CHIPS and Science Act.
While Wolfspeed previously announced a non-binding preliminary agreement for potentially significant government support, viewed as vital for its ambitious capital…
