Wolfspeed Rebounds 35%+ Friday After Semiconductor Firm Hit 26-Year Low Thursday

WOLF gained as much as 35.4% to an $8.72 high, recouping all of a drop that saw shares fall Thursday to $6.10 intraday low – the stock's worst level since October 1998.

However, shares still remain some 50% below the $17.45 near-time intraday high that they hit just some five weeks ago on Oct. 18. The stock is also down more than 90% from a $142.33 all-time high that Wolfspeed saw in November 2021.

WOLF partly rebounded Friday on reports that Roth MKM analyst Craig Irwin kept a "Buy" rating and $20 price target on the stock after meeting with company management. Irwin reportedly added in a note that Wolfspeed remains a "strategically important" U.S. maker of silicon-carbide semiconductors.

Still, Wolfspeed has been suffering for some time from what it recently characterized as weak sales in the industrial and energy sectors, plus a hit to its top line from slower-than-expected electric-vehicle adoption.

Earlier this month, WOLF reported a $2.33 per share loss for the three months ended Sept. 29 and issued poorly received forward guidance. At the same time, the company announced plans to close some of its sites and lay off 20% of its workforce.