Cree, Inc. (CREE) Receives Consensus Rating of “Hold” from Analysts
Cree, Inc. (NASDAQ:CREE) has received a consensus rating of “Hold” from the fourteen research firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $24.71.
CREE has been the subject of several research analyst reports. Roth Capital restated a “buy” rating and set a $29.00 price target (up from $27.00) on shares of Cree in a research report on Tuesday, June 20th. Canaccord Genuity restated a “hold” rating and set a $23.00 price target on shares of Cree in a research report on Friday, April 21st. Deutsche Bank AG restated a “hold” rating and set a $24.00 price target (down from $28.00) on shares of Cree in a research report on Saturday, April 29th. Zacks Investment Research lowered Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. Finally, Cowen and Company restated a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th.
In other news, Director John B. Replogle bought 10,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The shares were acquired at an average price of $22.11 per share, for a total transaction of $221,100.00. Following the completion of the transaction, the director now owns 64,043 shares of the company’s stock, valued at $1,415,990.73. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new stake in Cree during the fourth quarter worth approximately $651,000. Comerica Bank boosted its stake in Cree by 4.7% in the fourth quarter. Comerica Bank now owns 74,116 shares of the LED producer’s stock worth $2,045,000 after buying an additional 3,349 shares during the period. Elkfork Partners LLC purchased a new stake in Cree during the fourth quarter worth approximately $137,000. Asset Management One Co. Ltd. purchased a new stake in Cree during the fourth quarter worth approximately $333,000. Finally, First Republic Investment Management Inc. boosted its stake in Cree by 2.5% in the fourth quarter. First Republic Investment Management Inc. now owns 12,591 shares of the LED producer’s stock worth $332,000 after buying an additional 309 shares during the period. Institutional investors and hedge funds own 86.11% of the company’s stock.
Shares of Cree (CREE) traded up 0.39% during trading on Monday, hitting $25.45. The stock had a trading volume of 345,123 shares. The firm’s 50-day moving average is $23.56 and its 200 day moving average is $25.78. The firm’s market cap is $2.48 billion. Cree has a 52-week low of $20.75 and a 52-week high of $31.64.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, April 25th. The LED producer reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.09 by $0.20. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The firm had revenue of $341.51 million for the quarter, compared to analysts’ expectations of $339.41 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. The company’s quarterly revenue was down 6.9% on a year-over-year basis. On average, analysts expect that Cree will post $0.48 EPS for the current year.
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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