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Stock Investors Sell Off Shares of Cree, Down 1.9%

Published on Mon, 04/01/2013 - 10:33
By Adrienne Chilton

One of today's stocks on the move is Cree (NASDAQ:CREE), down 1.9% to $53.66. The Dow is trading fractionally lower to 14,549 and the S&P is currently down 0.5% to 1,561.

Over the past year, Cree has traded in a range of $22.25 to $55.66 and is now at $53.66, 141% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.0% while the 200-day MA has risen 1.9%.

Cree, Inc. develops and manufactures semiconductor materials and electronic devices made from silicon carbide (SiC). The Company uses proprietary technology to make enabling compound semiconductors such as blue and green light emitting diodes, SiC crystals used in the production of unique gemstones, and SiC wafers that are sold for device production and research.

Based on a current price of $53.66, Cree is currently 13.6% above its average consensus analyst price target of $46.39. The stock should find initial support at its 50-day moving average (MA) of $46.66 and further support at its 200-day MA of $32.84.

By Adrienne Chilton