Cree Rises On Unusually High Volume (CREE)

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

NEW YORK ( TheStreet) -- Cree (Nasdaq: CREE) is trading at unusually high volume Wednesday with 5.7 million shares changing hands. It is currently at four times its average daily volume and trading up $3.40 (+13%) at $29.59 as of 1:20 p.m. ET.

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Cree has a market cap of $2.95 billion and is part of the technology sector and electronics industry. Shares are up 18.8% year to date as of the close of trading on Tuesday.

Cree, Inc. develops and manufactures lighting-class light emitting diode (LED) products, lighting products, and semiconductor products for power and radio-frequency (RF) applications. The company has a P/E ratio of 65.3, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Cree as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity. You can view the full Cree Ratings Report.

See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center.

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