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NEW YORK ( TheStreet) -- Cree (Nasdaq: CREE) hit a new 52-week high Tuesday as it is currently trading at $67.16, above its previous 52-week high of $66.78 with one million shares traded as of 10:26 a.m. ET. Average volume has been 2.3 million shares over the past 30 days. Cree has a market cap of $7.53 billion and is part of the technology sector and electronics industry. Shares are up 87.8% year to date as of the close of trading on Monday. 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 105.9, above the S&P 500 P/E ratio of 17.7.