Cree (CREE) Stock Rating Lowered by JPMorgan Chase & Co.

Cree (NASDAQ:CREE) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Friday, MarketBeat reports. They presently have a $35.00 price objective on the LED producer’s stock. JPMorgan Chase & Co.’s target price suggests a potential downside of 19.56% from the company’s previous close.

Several other research firms have also issued reports on CREE. Canaccord Genuity set a $60.00 price objective on shares of Cree and gave the company a “buy” rating in a research note on Tuesday, August 14th. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research note on Tuesday, August 7th. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 18th. Nomura set a $40.00 price objective on shares of Cree and gave the company a “hold” rating in a research note on Wednesday, October 17th. Finally, Cowen reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Cree in a research note on Thursday, August 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.87.

Shares of Cree stock traded down $2.45 on Friday, hitting $43.51. 307,555 shares of the company traded hands, compared to its average volume of 1,316,432. The company has a quick ratio of 3.15, a current ratio of 4.19 and a debt-to-equity ratio of 0.21. Cree has a 12-month low of $30.78 and a 12-month high of $51.78. The stock has a market cap of $4.73 billion, a P/E ratio of -290.07 and a beta of 0.44.

Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $407.32 million. During the same quarter in the previous year, the business earned $0.04 EPS. Cree’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts expect that Cree will post 0.33 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. State Treasurer State of Michigan lifted its position in Cree by 3.4% during the 2nd quarter. State Treasurer State of Michigan now owns 37,000 shares of the LED producer’s stock worth $1,538,000 after acquiring an additional 1,200 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Cree by 7.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 18,670 shares of the LED producer’s stock worth $707,000 after acquiring an additional 1,300 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Cree by 5.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 24,250 shares of the LED producer’s stock worth $918,000 after acquiring an additional 1,349 shares during the last quarter. Aperio Group LLC lifted its position in Cree by 3.4% during the 3rd quarter. Aperio Group LLC now owns 41,124 shares of the LED producer’s stock worth $1,557,000 after acquiring an additional 1,354 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its position in Cree by 1.1% during the 3rd quarter. Retirement Systems of Alabama now owns 131,546 shares of the LED producer’s stock worth $4,982,000 after acquiring an additional 1,398 shares during the last quarter.

Cree Company Profile

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.

Recommended Story: Reverse Stock Split

Analyst Recommendations for Cree (NASDAQ:CREE)

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply