Cree, Inc. (CREE) Receives Average Recommendation of “Hold” from Analysts
Shares of Cree, Inc. (NASDAQ:CREE) have earned an average rating of “Hold” from the nineteen analysts that are covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $23.42.
A number of equities research analysts have recently issued reports on the stock. Roth Capital set a $29.00 price target on shares of Cree and gave the company a “buy” rating in a research note on Tuesday, August 22nd. BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. TheStreet raised shares of Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. KeyCorp reaffirmed an “equal weight” rating and set a $21.00 price objective on shares of Cree in a research report on Friday, August 25th. Finally, Cowen and Company set a $22.00 target price on shares of Cree and gave the company a “hold” rating in a report on Wednesday, August 23rd.
Shares of Cree (CREE) traded up 1.20% during trading on Wednesday, hitting $29.60. 799,630 shares of the stock were exchanged. Cree has a one year low of $20.50 and a one year high of $31.64. The company’s market cap is $2.89 billion. The stock’s 50 day moving average price is $24.74 and its 200-day moving average price is $24.64. Cree also was the recipient of some unusual options trading activity on Monday. Stock investors purchased 10,347 call options on the stock. This represents an increase of 816% compared to the typical daily volume of 1,129 call options.
Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. The company had revenue of $359.00 million for the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. Cree’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. On average, analysts predict that Cree will post $0.30 EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its position in shares of Cree by 26.8% in the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after purchasing an additional 2,164,847 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Cree by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 8,226,854 shares of the LED producer’s stock valued at $202,792,000 after purchasing an additional 236,090 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cree by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,784,651 shares of the LED producer’s stock valued at $191,893,000 after purchasing an additional 897,753 shares in the last quarter. Fairpointe Capital LLC lifted its position in shares of Cree by 8.8% during the 2nd quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after purchasing an additional 492,465 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Cree by 24.2% during the 2nd quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after purchasing an additional 717,698 shares during the last quarter. Institutional investors own 91.38% of the company’s stock.
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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