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Shares of Cree (NASDAQ:CREE) saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. 3,523,834 shares were traded during mid-day trading, an increase of 156% from the previous session’s volume of 1,374,940 shares.The stock last traded at $49.20 and had previously closed at $49.69.

The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.41 by $0.01. The company had revenue of $436.30 million for the quarter, compared to the consensus estimate of $444.11 million.

CREE has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cree in a research note on Wednesday, July 23rd. They now have a $62.00 price target on the stock, up previously from $61.00. Separately, analysts at Oppenheimer upgraded shares of Cree from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 3rd. They now have a $59.00 price target on the stock, up previously from $50.31. Finally, analysts at Needham & Company LLC cut their price target on shares of Cree from $64.00 to $59.00 in a research note on Thursday, June 5th. They now have a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $63.12.

The stock’s 50-day moving average is $49.01 and its 200-day moving average is $53.08. The company has a market cap of $5.955 billion and a P/E ratio of 49.30. Cree also was the recipient of some unusual options trading activity on Monday. Investors bought 20,276 call options on the stock. This represents an increase of 392% compared to the typical daily volume of 4,119 call options.

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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