Research analysts at Charter Equity initiated coverage on shares of Cree (NASDAQ:CREE) in a research report issued to clients and investors on Friday, January 10th, Benzinga reports. The firm set a “buy” rating on the LED producer’s stock.
A number of other brokerages have also weighed in on CREE. Wells Fargo & Co initiated coverage on shares of Cree in a report on Friday, October 11th. They set a “market perform” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. lowered Cree from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $43.00 to $40.00 in a report on Thursday, October 31st. BidaskClub upgraded Cree from a “sell” rating to a “hold” rating in a research report on Wednesday, January 8th. Roth Capital dropped their price target on shares of Cree from $67.00 to $61.00 in a research note on Thursday, October 31st. Finally, Zacks Investment Research upgraded shares of Cree from a “sell” rating to a “hold” rating and set a $51.00 price objective for the company in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $52.90.
Shares of NASDAQ CREE traded up $0.15 during trading hours on Friday, hitting $52.36. 1,532,414 shares of the stock were exchanged, compared to its average volume of 1,005,527. The firm has a fifty day moving average price of $46.60 and a 200-day moving average price of $50.36. The company has a market cap of $5.62 billion, a PE ratio of -13.67 and a beta of 0.86. The company has a quick ratio of 4.82, a current ratio of 5.57 and a debt-to-equity ratio of 0.23. Cree has a 12 month low of $40.46 and a 12 month high of $69.21.
Cree (NASDAQ:CREE) last posted its quarterly earnings data on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. Cree had a negative net margin of 34.02% and a negative return on equity of 0.20%. The firm had revenue of $242.80 million for the quarter, compared to the consensus estimate of $239.48 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, equities analysts anticipate that Cree will post -0.76 earnings per share for the current fiscal year.
In other Cree news, Director Duy Loan T. Le acquired 2,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was bought at an average price of $45.87 per share, for a total transaction of $91,740.00. Following the acquisition, the director now owns 13,659 shares in the company, valued at $626,538.33. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.36% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in Cree in the second quarter valued at about $11,742,000. Northwestern Mutual Investment Management Company LLC lifted its holdings in shares of Cree by 1.6% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 30,503 shares of the LED producer’s stock worth $1,495,000 after acquiring an additional 486 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Cree in the 3rd quarter worth approximately $931,000. California State Teachers Retirement System boosted its position in shares of Cree by 0.3% during the 3rd quarter. California State Teachers Retirement System now owns 167,647 shares of the LED producer’s stock worth $8,215,000 after purchasing an additional 431 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of Cree by 5.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 11,224 shares of the LED producer’s stock worth $550,000 after purchasing an additional 591 shares during the period. Institutional investors and hedge funds own 97.53% of the company’s stock.
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.
