Cree is buying back more shares of its stock, the company said Wednesday.

Cree (Nasdaq: CREE) will purchase up to 7 million, or 9 percent, of its shares. It alreadt has repurchased some 4 million shares over the first three months this year at an average price of $15.61.
Another 1.1 million shares were purchased at an average of $19.96 a share since April 15.

The repurchasing drive has helped increase share price for Cree. It closed at $20.06 on Wednesday, up 57 cents.

Cree: www.cree.com