Share on StockTwits

Cree (NASDAQ:CREE) was downgraded by equities researchers at Credit Agricole from an “outperform” rating to an “underperform” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports.

Shares of Cree (NASDAQ:CREE) opened at 49.20 on Wednesday. Cree has a one year low of $44.52 and a one year high of $75.98. The stock has a 50-day moving average of $49. and a 200-day moving average of $52.92. The company has a market cap of $5.955 billion and a price-to-earnings ratio of 49.30. Cree also saw unusually large options trading activity on Monday. Investors purchased 20,276 call options on the company. This represents an increase of approximately 392% compared to the average volume of 4,119 call options.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, August 12th. 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. During the same quarter in the prior year, the company posted $0.38 earnings per share. On average, analysts predict that Cree will post $1.64 earnings per share for the current fiscal year.

A number of other firms have also recently commented on CREE. Analysts at Northland Securities cut their price target on shares of Cree from $57.00 to $52.00 in a research note on Wednesday. They now have a “market perform” rating on the stock. Separately, 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. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Cree currently has a consensus rating of “Buy” and a consensus price target of $62.82.

Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.

The Fly On The Wall

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.