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Cree (NASDAQ:CREE) was the recipient of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 11,825,778 shares, a decline of 10.1% from the April 30th total of 13,154,114 shares, AnalystRatings.NET reports. Based on an average trading volume of 2,241,103 shares, the days-to-cover ratio is currently 5.3 days. Currently, 9.9% of the shares of the company are short sold.

CREE has been the subject of a number of recent research reports. Analysts at Stifel Nicolaus initiated coverage on shares of Cree in a research note on Wednesday, May 28th. They set a “hold” rating and a $54.00 price target on the stock. Separately, analysts at TheStreet downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cree in a research note on Wednesday, May 14th. They now have a $61.00 price target on the stock, down previously from $72.50. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $62.51.

Cree (NASDAQ:CREE) opened at 47.80 on Tuesday. Cree has a one year low of $44.52 and a one year high of $76.00. The stock’s 50-day moving average is $48.64 and its 200-day moving average is $56.83. The company has a market cap of $5.785 billion and a P/E ratio of 47.74.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.39 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.38 by $0.01. The company had revenue of $405.20 million for the quarter, compared to the consensus estimate of $407.28 million. During the same quarter last year, the company posted $0.34 earnings per share. Cree’s revenue was up 16.1% compared to the same quarter last year. Analysts expect that Cree will post $1.64 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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