10 Technology Stocks with Insider Buying in 2024

7. Wolfspeed Inc. (NYSE:WOLF)

Number of Hedge Fund Holders: 27

Wolfspeed Inc. (NYSE:WOLF) is a leader in silicon carbide semiconductor technology, driving advancements in power electronics and radio frequency applications. The company’s high-efficiency chips enable next-generation solutions in electric vehicles, renewable energy, telecommunications, and industrial power systems. With the increasing demand for energy-efficient and high-performance semiconductors, WOLF is expanding its manufacturing capacity and investing in innovation to accelerate the adoption of wide-bandgap materials.

The share price of Wolfspeed Inc. (NYSE:WOLF) experienced a major decline of more than 70% in the last twelve months, as the company was hit by a pronounced decline in the industrial and energy sectors, which in turn resulted in a headwind for profitability due to lower fab utilization rates. Despite these challenges, two insiders bought significant amounts of shares in late November 2024 as the stock price reached new lows. Two weeks later, the company announced ambitious plans during a Technology & AI conference – WOLF is undergoing a strategic transformation, simplifying its manufacturing footprint and transitioning to 200mm production to drive significant cost advantages. Wolfspeed Inc. (NYSE:WOLF) is also focused on capitalizing on the growing electric vehicles market, with a diverse set of design-ins coming into production, while also expanding its presence in industrial and energy applications. The WOLF’s $2.5 billion CHIPS funding package and its focus on improving cash flow and capital efficiency position the company well for long-term growth and profitability. Given the ambitious targets, it is of no surprise that insiders saw an opportunity with the stock as it has been trading near all-time lows.