NEW YORK (

TheStreet

) -- Shares of

Cray

(Nasdaq:

CRAY

) were gapping up Wednesday morning with an open price 29.1% higher than Tuesday's closing price. The stock closed at $7.04 Tuesday and opened today's trading at $9.09.

The average volume for Cray has been 192,700 shares per day over the past 30 days. Cray has a market cap of $256.7 million and is part of the

technology

sector and

computer hardware

industry. Shares are up 8.8% year to date as of the close of trading on Tuesday.

Cray Inc. engages in the design, development, manufacture, marketing, and service of high-performance computing (HPC) systems, known as supercomputers. The company has a P/E ratio of 17.4, equal to the average computer hardware industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Cray as a

buy

. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full

Cray Ratings Report

.

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