Cree, Inc. (NASDAQ:CREE) Cut to “Sell” at Zacks Investment Research
Cree, Inc. (NASDAQ:CREE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
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. “
Other equities research analysts have also issued research reports about the company. Cowen and Company reaffirmed a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Roth Capital reaffirmed a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Cree in a research report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $26.00 price target (up previously from $25.00) on shares of Cree in a research report on Monday, June 5th. JMP Securities raised Cree from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $23.81 to $29.00 in a research report on Monday, May 22nd. Finally, TheStreet lowered Cree from a “c-” rating to a “d+” rating in a research report on Wednesday, May 17th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $25.00.
Shares of Cree (NASDAQ CREE) traded down 0.04% during trading on Tuesday, hitting $26.16. The stock had a trading volume of 542,627 shares. The company’s market capitalization is $2.55 billion. The firm has a 50 day moving average of $24.10 and a 200 day moving average of $25.71. Cree has a 1-year low of $20.75 and a 1-year 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 Zacks’ consensus estimate of $0.09 by $0.20. The business had revenue of $341.51 million for the quarter, compared to analyst estimates of $339.41 million. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 EPS. Analysts expect that Cree will post $0.48 EPS for the current fiscal year.
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In related news, Director John B. Replogle purchased 10,000 shares of the stock in a transaction on Thursday, April 27th. The shares were purchased at an average price of $22.11 per share, with a total value of $221,100.00. Following the transaction, the director now directly owns 64,043 shares of the company’s stock, valued at $1,415,990.73. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC bought a new position in Cree during the first quarter valued at $134,000. LS Investment Advisors LLC raised its position in Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after buying an additional 1,160 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Cree during the first quarter valued at approximately $249,000. Wrapmanager Inc. increased its position in shares of Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock valued at $287,000 after buying an additional 988 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new position in shares of Cree during the first quarter valued at approximately $346,000. 86.04% of the stock is currently owned by hedge funds and other institutional investors.
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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