Cree, Inc. (NASDAQ:CREE) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 13,966,437 shares, an increase of 15.8% from the October 15th total of 12,059,729 shares. Based on an average daily trading volume, of 2,607,168 shares, the days-to-cover ratio is presently 5.4 days. Approximately 13.9% of the shares of the company are sold short.
A number of research firms recently issued reports on CREE. Deutsche Bank dropped their price objective on shares of Cree to $42.00 and set a “hold” rating on the stock in a report on Wednesday, October 17th. BidaskClub downgraded shares of Cree from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. TheStreet downgraded shares of Cree from a “b-” rating to a “c+” rating in a report on Tuesday, September 11th. Canaccord Genuity initiated coverage on shares of Cree in a report on Friday, August 3rd. They issued a “buy” rating and a $61.00 price objective on the stock. Finally, Cowen set a $38.00 price target on shares of Cree and gave the company a “hold” rating in a report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $45.21.
Shares of NASDAQ:CREE opened at $43.47 on Friday. The company has a current ratio of 4.19, a quick ratio of 3.15 and a debt-to-equity ratio of 0.21. Cree has a 1-year low of $30.78 and a 1-year high of $51.78. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -289.80 and a beta of 0.44.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 17.60% and a negative return on equity of 0.10%. The business had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, equities research analysts predict that Cree will post 0.33 EPS for the current fiscal year.
In related news, EVP David Todd Emerson sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares of the company’s stock, valued at $7,293,006.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale lifted its holdings in shares of Cree by 183.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 2,408 shares of the LED producer’s stock worth $114,000 after buying an additional 1,558 shares in the last quarter. Smithfield Trust Co. purchased a new position in shares of Cree in the second quarter worth $119,000. Berkshire Asset Management LLC PA purchased a new position in shares of Cree in the second quarter worth $205,000. Zacks Investment Management purchased a new position in shares of Cree in the second quarter worth $210,000. Finally, Global X Management Co LLC purchased a new position in shares of Cree in the second quarter worth $269,000.
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Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
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