Cree Inc. (NASDAQ:CREE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “

Several other brokerages also recently issued reports on CREE. Deutsche Bank AG increased their price target on Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company restated a “hold” rating on shares of Cree in a report on Sunday, July 17th. Canaccord Genuity reiterated a “hold” rating and set a $24.00 price objective (up from $19.00) on shares of Cree in a report on Sunday, July 17th. Finally, Northland Securities downgraded Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 17th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $32.67.

Analyst Recommendations for Cree (NASDAQ:CREE)

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Cree (NASDAQ:CREE) traded up 0.71% during midday trading on Monday, reaching $25.47. The company had a trading volume of 403,907 shares. Cree has a 52-week low of $22.10 and a 52-week high of $32.92. The company’s market cap is $2.56 billion. The company’s 50-day moving average is $24.57 and its 200 day moving average is $25.30.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, August 16th. The LED producer reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.01. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business earned $388.40 million during the quarter, compared to the consensus estimate of $385.83 million. During the same quarter last year, the company earned ($0.19) earnings per share. The firm’s revenue was up 1.6% compared to the same quarter last year. On average, equities research analysts forecast that Cree will post $0.56 EPS for the current year.

In other news, Director John B. Replogle bought 5,000 shares of the stock in a transaction dated Thursday, August 18th. The shares were bought at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the completion of the purchase, the director now owns 35,123 shares in the company, valued at $819,419.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in CREE. Pacer Advisors Inc. bought a new position in Cree during the second quarter worth approximately $143,000. LS Investment Advisors LLC raised its position in Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock worth $147,000 after buying an additional 2,454 shares during the period. Clean Yield Group raised its position in Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock worth $159,000 after buying an additional 700 shares during the period. Seven Eight Capital LLC raised its position in Cree by 17.6% in the second quarter. Seven Eight Capital LLC now owns 6,683 shares of the LED producer’s stock worth $163,000 after buying an additional 1,000 shares during the period. Finally, Advisory Services Network LLC raised its position in Cree by 6.6% in the third quarter. Advisory Services Network LLC now owns 6,426 shares of the LED producer’s stock worth $165,000 after buying an additional 400 shares during the period. Institutional investors own 83.26% of the company’s stock.

Cree Company Profile

Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.

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