Wolfspeed (WOLF) Stock Is Up 24% Monday: What's Going On?

Wolfspeed Inc WOLF shares are rallying some 24% to $4.07 during Monday’s session. The stock is now higher by 68% over the past week, despite a lack of any new company-specific news.

What To Know: Wolfspeed, a manufacturer of silicon carbide semiconductors used in electric vehicles and industrial applications, benefitted last week from broader strength in the semiconductor sector and renewed optimism around economic growth.

Adding fuel to the rally, Wolfspeed has a short percentage of float of 64%, according to data from Benzinga Pro, raising the possibility that the stock is experiencing a short squeeze. In a short squeeze, investors who bet against the stock are forced to cover their positions as the price rises, creating further upward pressure.

Wolfspeed is also set to announce third-quarter financial results, confirmed for Thursday, May 8th in the after-market session.

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How To Buy WOLF Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Wolfspeed’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, WOLF has a 52-week high of $30.86 and a 52-week low of $2.06.