Traders Purchase High Volume of Put Options on Cree (CREE)
Shares of Cree (NASDAQ:CREE) saw unusually large options trading activity on Wednesday. Traders acquired 7,888 put options on the stock, AnalystRatings.Net reports. This represents an increase of 150% compared to the average volume of 3,158 put options.
CREE has been the subject of a number of recent research reports. Analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Cree (NASDAQ:CREE) in a research note to investors on Tuesday. Separately, analysts at Canaccord Genuity upgraded shares of Cree (NASDAQ:CREE) from a “hold” rating to a “buy” rating in a research note to investors on Tuesday. They now have a $80.00 price target on the stock, up previously from $65.00. Finally, analysts at Tigress Financial upgraded shares of Cree (NASDAQ:CREE) from a “buy” rating to a “strong-buy” rating in a research note to investors on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $59.72.
Shares of Cree (NASDAQ:CREE) traded down 1.68% during mid-day trading on Wednesday, hitting $68.59. The stock had a trading volume of 4,741,297 shares. Cree has a one year low of $24.50 and a one year high of $76.00. The stock has a 50-day moving average of $58.95 and a 200-day moving average of $60.76. The company has a market cap of $8.160 billion and a P/E ratio of 94.27.
Cree (NASDAQ:CREE) last released its earnings data on Tuesday, August 13th. The company reported $0.38 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.38. The company had revenue of $375.00 million for the quarter, compared to the consensus estimate of $377.21 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. The company’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that Cree will post $1.77 EPS for the current fiscal year.
Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.
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