Cree, Inc. (NASDAQ:CREE) has been given an average rating of “Hold” by the eighteen ratings firms that are currently covering the company, 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 objective among brokerages that have updated their coverage on the stock in the last year is $23.04.
Several research analysts recently commented on CREE shares. ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Roth Capital reiterated a “buy” rating and issued a $29.00 price target (up previously from $27.00) on shares of Cree in a research report on Tuesday, June 20th. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Bank of America Corporation dropped their target price on Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, August 23rd. Finally, Canaccord Genuity restated a “hold” rating and set a $23.00 target price on shares of Cree in a research report on Wednesday, August 23rd.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of Cree by 26.8% in the second 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 period. Vanguard Group Inc. boosted its holdings in shares of Cree by 3.0% in the second 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 during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Cree by 13.0% in the second 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 during the period. Fairpointe Capital LLC boosted its holdings in shares of Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after purchasing an additional 492,465 shares during the period. Finally, State Street Corp boosted its holdings in shares of Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after purchasing an additional 717,698 shares during the period. Hedge funds and other institutional investors own 91.19% of the company’s stock.
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Cree (NASDAQ CREE) traded up 1.98% during trading on Friday, hitting $24.68. The stock had a trading volume of 651,200 shares. The company has a 50-day moving average of $24.20 and a 200 day moving average of $24.76. Cree has a 52-week low of $20.50 and a 52-week high of $31.64. The firm’s market cap is $2.41 billion.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. The company had revenue of $359.00 million during the quarter, compared to analyst estimates of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The firm’s revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the business posted $0.19 earnings per share. On average, equities research analysts predict that Cree will post $0.36 earnings per share for the current fiscal 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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