Cree, Inc. (NASDAQ:CREE) – Investment analysts at Oppenheimer Holdings issued their Q3 2018 earnings estimates for shares of Cree in a research note issued on Tuesday. Oppenheimer Holdings analyst C. Rusch forecasts that the LED producer will earn ($0.01) per share for the quarter.

Several other analysts have also commented on the stock. Bank of America Corporation lowered their price objective on shares of Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday. Cowen and Company set a $22.00 price objective on shares of Cree and gave the stock a “hold” rating in a report on Wednesday. Deutsche Bank AG restated a “hold” rating and issued a $22.00 price objective (down from $24.00) on shares of Cree in a report on Wednesday. Canaccord Genuity restated a “hold” rating and issued a $23.00 price objective on shares of Cree in a report on Wednesday. Finally, BidaskClub lowered shares of Cree from a “hold” rating to a “sell” rating in a report on Wednesday. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $23.96.

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Cree (CREE) traded down 0.04% on Friday, hitting $23.35. The company had a trading volume of 429,743 shares. The stock’s 50-day moving average price is $24.85 and its 200 day moving average price is $25.00. The company’s market capitalization is $2.27 billion. Cree has a one year low of $20.50 and a one year high of $31.64.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.04. The business had revenue of $359 million during the quarter, compared to the consensus estimate of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. Cree’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period last year, the company earned $0.19 earnings per share.

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock valued at $184,088,000 after buying an additional 1,043,768 shares during the period. State Street Corp increased its stake in shares of Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after buying an additional 717,698 shares during the period. Fairpointe Capital LLC increased its stake in shares of Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after buying an additional 492,465 shares during the period. Finally, FIL Ltd increased its stake in shares of Cree by 37.7% in the second quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock valued at $34,070,000 after buying an additional 378,590 shares during the period. 86.52% of the stock is owned by institutional investors.

About Cree

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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