Cree, Inc. (CREE) Downgraded by BidaskClub
Cree, Inc. (NASDAQ:CREE) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Wednesday.
Several other equities research analysts have also recently commented on CREE. Williams Capital dropped their price objective on Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a research report on Wednesday, April 26th. Cowen and Company reaffirmed a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “hold” rating and set a $24.00 price objective (down from $28.00) on shares of Cree in a research report on Saturday, April 29th. Zacks Investment Research cut Cree from a “hold” rating to a “strong sell” rating in a research report on Monday, May 1st. Finally, TheStreet downgraded Cree from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Cree currently has an average rating of “Hold” and an average target price of $23.73.
Shares of Cree (NASDAQ:CREE) traded up 0.17% during mid-day trading on Wednesday, hitting $23.50. 1,050,018 shares of the stock were exchanged. Cree has a 12-month low of $20.50 and a 12-month high of $31.64. The stock’s 50 day moving average price is $24.81 and its 200-day moving average price is $24.97. The stock’s market capitalization is $2.29 billion.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The company had revenue of $359 million for the quarter, compared to analysts’ expectations of $349.82 million. During the same period last year, the firm posted $0.19 earnings per share. Cree’s revenue was down 7.6% compared to the same quarter last year. On average, equities research analysts expect that Cree will post $0.41 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of CREE. Profund Advisors LLC increased its position in Cree by 0.3% in the second quarter. Profund Advisors LLC now owns 33,127 shares of the LED producer’s stock valued at $817,000 after buying an additional 102 shares during the period. AMG Funds LLC increased its position in Cree by 0.3% in the first quarter. AMG Funds LLC now owns 74,083 shares of the LED producer’s stock valued at $1,980,000 after buying an additional 213 shares during the period. D.A. Davidson & CO. increased its position in Cree by 0.8% in the second quarter. D.A. Davidson & CO. now owns 42,003 shares of the LED producer’s stock valued at $1,035,000 after buying an additional 317 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in Cree by 1.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,982 shares of the LED producer’s stock valued at $507,000 after buying an additional 350 shares during the period. Finally, Wrapmanager Inc. increased its position in Cree by 3.3% in the second quarter. Wrapmanager Inc. now owns 11,081 shares of the LED producer’s stock valued at $273,000 after buying an additional 354 shares during the period. 91.56% 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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