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Cree (NASDAQ:CREE)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Wednesday. They currently have a $64.00 target price on the stock, down from their previous target price of $77.00. Canaccord Genuity’s price target would indicate a potential upside of 30.08% from the company’s current price.

Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Cree in a research note on Wednesday. They now have a $47.00 price target on the stock, down previously from $56.00. Separately, analysts at Summit Research downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, analysts at Summit downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Wednesday. 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 stock. The company has a consensus rating of “Hold” and an average target price of $61.29.

Cree (NASDAQ:CREE) traded down 8.13% during mid-day trading on Wednesday, hitting $45.198. 6,517,327 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 $5.470 billion and a price-to-earnings ratio of 48.81. Cree also saw unusually large options trading activity on Monday. Stock traders acquired 20,276 call options on the company. This is an increase of approximately 392% compared to the typical daily volume of 4,119 call options.

Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, August 12th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ 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 last 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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