Shares of Cree, Inc. (NASDAQ:CREE) have been given a consensus rating of “Hold” by the eighteen ratings firms that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $23.04.

A number of research analysts have recently commented on CREE shares. Zacks Investment Research raised Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Bank of America Corporation cut their target price on Cree from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 23rd. BidaskClub cut Cree from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Deutsche Bank AG reaffirmed a “hold” rating and set a $22.00 target price (down previously from $24.00) on shares of Cree in a research note on Wednesday, August 23rd. Finally, Stephens cut Cree from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $27.50 to $16.50 in a research note on Wednesday, August 23rd. They noted that the move was a valuation call.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley boosted its position in Cree by 9.0% during the 1st quarter. Morgan Stanley now owns 837,690 shares of the LED producer’s stock valued at $22,391,000 after acquiring an additional 68,829 shares in the last quarter. Stephens Inc. AR boosted its position in Cree by 87.4% during the 1st quarter. Stephens Inc. AR now owns 38,672 shares of the LED producer’s stock valued at $1,034,000 after acquiring an additional 18,037 shares in the last quarter. Wells Fargo & Company MN boosted its position in Cree by 11.3% during the 1st quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock valued at $23,932,000 after acquiring an additional 90,630 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Cree during the 1st quarter valued at $346,000. Finally, Teachers Advisors LLC boosted its position in Cree by 5.6% during the 4th quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock valued at $2,827,000 after acquiring an additional 5,650 shares in the last quarter. 91.19% of the stock is currently owned by institutional investors and hedge funds.

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Shares of Cree (NASDAQ CREE) traded down 2.57% during midday trading on Friday, hitting $23.85. The stock had a trading volume of 782,554 shares. The company’s 50 day moving average is $24.26 and its 200 day moving average is $24.82. Cree has a 52-week low of $20.50 and a 52-week high of $31.64. The company’s market cap is $2.33 billion.

Cree (NASDAQ:CREE) last released its earnings results on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $359 million for the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The company’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, analysts anticipate that Cree will post $0.36 earnings per share for the current year.

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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