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Analysts at Northland Securities reduced their price objective on shares of Cree (NASDAQ:CREE) from $57.00 to $52.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “market perform” rating on the stock. Northland Securities’ price objective points to a potential upside of 5.69% from the company’s current price.

Shares of Cree (NASDAQ:CREE) traded down 8.91% during mid-day trading on Wednesday, hitting $44.815. 11,245,699 shares of the company’s stock traded hands. Cree has a 52 week low of $44.52 and a 52 week high of $75.98. 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 $5.424 billion and a price-to-earnings ratio of 48.81. Cree also was the recipient of some unusual options trading on Monday. Stock investors purchased 20,276 call options on the stock. This represents an increase of approximately 392% compared to the average daily volume of 4,119 call options.

Cree (NASDAQ:CREE) last released its earnings data 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 $1.96 earnings per share for the current fiscal year.

CREE has been the subject of a number of other 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. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Cree has a consensus rating of “Hold” and a consensus target price of $59.29.

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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