Benzinga | Oct 19, 2020 11:29AM EDT

Why Cree's Stock Is Trading Higher Today

Cree (NASDAQ:CREE) shares are trading higher on Monday after the company announced that it sold its LED business to SMART Global for up to $300 million.

Cree is a United States-based company that is involved in the manufacturing of wide bandgap semiconductor products for power and radio-frequency (RF) applications, lighting-class light-emitting diode (LED) products, and lighting products. It operates in two reportable segments: Wolfspeed and LED products.

Cree shares traded up 6.26% to $75.75 on Monday. The stock has a 52-week high of $77.19 and a 52-week low of $27.77.