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Cree (NASDAQ:CREE) was downgraded by Summit Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, reports.

Other equities research analysts have also recently issued reports about the stock. 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 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 issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $62.59.

Cree (NASDAQ:CREE) opened at 49.20 on Wednesday. Cree has a 1-year low of $44.52 and a 1-year 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 $5.955 billion and a price-to-earnings ratio of 49.30. Cree also was the target of some unusual options trading activity on Monday. Stock investors acquired 20,276 call options on the stock. This is an increase of approximately 392% compared to the average volume of 4,119 call options.

Cree (NASDAQ:CREE) last issued its quarterly 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. Analysts expect that Cree will post $1.64 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.

To view Summit Research’s full report, visit Summit Research’s official website.

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