Is Cree Inc (NASDAQ:CREE) The Best LED Manufacturer?
October 1 was an exceptionally profitable day for Cree, Inc (NASDAQ:CREE). The stock has risen by almost 16.00% and its average daily volume is also well on its way to increasing 4 times over. Canaccord Genuity Upgrades upgraded the company to a “buy” from its earlier “hold” rating and set a PT of $80.00 on the company shares.
Jonathan Dorsheimer, the analyst said that though there are numerous other LED manufacturers and low tier suppliers in Asia, Cree, Inc (NASDAQ:CREE) has been the center of analyst discussions lately. He said that despite stiff competition, the company is the proven frontrunner in the SSL field and is a truly ready to lead the revolution.
Tuesday’s trading session
In Tuesday’s trading, Cree, Inc (NASDAQ:CREE) rose 15.90%. The shares opened at a price of $62.81, climbed to an intraday high of $70.09 and dipped to a close of $69.76. Approximately 11.01 million shares were traded on Tuesday while an average volume of 1.86 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $24.50 and its 52-week high is $76.00. The company has a market capitalization of $8.38 billion.
About the company
Cree, Inc (NASDAQ:CREE) is engaged in developing and manufacturing semiconductor materials & devices that are mainly based on silicon-carbide (SiC), gallium-nitride (GaN) and other related compounds. It is focused on SiC and the GaN on-light emitting diode products. It is involved in developing lighting-class LED products, lighting-products and semi-conductor products for radio-frequency (RF) and power applications. Its lighting products are made up of LED as well as traditional lighting-systems.
Cree, Inc (NASDAQ:CREE) is involved in designing, manufacturing and selling lighting systems that are used in outdoor and indoor applications. The company’s main focus is on LED lighting-systems that are used in industrial and commercial markets.