Cree Hits New 1-Year Low on Analyst Downgrade (CREE)
Cree (NASDAQ:CREE)’s share price hit a new 52-week low during mid-day trading on Wednesday after Summit Research downgraded the stock from a buy rating to a hold rating, AnalystRatings.NET reports. The stock traded as low as $44.11 and last traded at $44.68, with a volume of 8,223,499 shares changing hands. The stock had previously closed at $49.20.
CREE has been the subject of a number of other recent research reports. Analysts at Summit downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Wednesday. Separately, analysts at Needham & Company LLC cut their price target on shares of Cree from $59.00 to $55.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Credit Agricole downgraded shares of Cree from an “outperform” rating to an “underperform” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Cree has an average rating of “Hold” and a consensus price target of $59.29.
The stock’s 50-day moving average is $49. and its 200-day moving average is $52.92. The company has a market cap of $5.397 billion and a P/E ratio of 48.81. Cree also was the recipient of unusually large options trading on Monday. Stock investors purchased 20,276 call options on the stock. This is an increase of approximately 392% compared to the typical volume of 4,119 call options.
Cree (NASDAQ:CREE) last released its earnings data on Tuesday, August 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.38 earnings per share. Analysts expect that Cree will post $1.96 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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