Cree, Inc. (CREE) Receives Consensus Rating of “Hold” from Brokerages
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.
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.
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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