Cree, Inc. (CREE) Lowered to Hold at BidaskClub
Cree, Inc. (NASDAQ:CREE) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday.
Several other research analysts have also weighed in on the company. Roth Capital reiterated a “buy” rating and set a $29.00 target price (up from $27.00) on shares of Cree in a report on Tuesday, June 20th. Zacks Investment Research upgraded Cree from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. JMP Securities raised Cree from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $23.81 to $29.00 in a research note on Monday, May 22nd. Deutsche Bank AG reissued a “hold” rating and issued a $24.00 price target (down previously from $28.00) on shares of Cree in a research note on Saturday, April 29th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $26.00 price target (up previously from $25.00) on shares of Cree in a research note on Monday, June 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $25.00.
Cree (CREE) traded up 0.46% on Friday, reaching $26.41. The company had a trading volume of 592,178 shares. The stock’s market capitalization is $2.57 billion. Cree has a 12 month low of $20.75 and a 12 month high of $31.64. The firm has a 50 day moving average price of $25.40 and a 200-day moving average price of $25.54.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.20. The business had revenue of $341.51 million for the quarter, compared to the consensus estimate of $339.41 million. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The business’s revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Analysts forecast that Cree will post $0.48 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can increased its stake in Cree by 2.6% in the first quarter. Great West Life Assurance Co. Can now owns 57,917 shares of the LED producer’s stock worth $1,547,000 after buying an additional 1,457 shares in the last quarter. Advisory Services Network LLC bought a new stake in Cree during the first quarter worth about $134,000. Canada Pension Plan Investment Board increased its stake in Cree by 20.9% in the first quarter. Canada Pension Plan Investment Board now owns 477,733 shares of the LED producer’s stock worth $12,770,000 after buying an additional 82,700 shares in the last quarter. Wells Fargo & Company MN increased its stake in Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock worth $23,932,000 after buying an additional 90,630 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock worth $953,000 after buying an additional 500 shares in the last quarter. 86.19% of the stock is currently owned by institutional investors and hedge funds.
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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