Cree, Inc. (NASDAQ:CREE)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $52.88 and last traded at $52.25, with a volume of 54580 shares trading hands. The stock had previously closed at $51.84.
Several research firms have commented on CREE. Oppenheimer increased their price objective on shares of Cree from $53.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday, January 31st. JMP Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating and set a $49.32 target price on the stock. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. BidaskClub raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 29th. TheStreet raised shares of Cree from a “c” rating to a “b-” rating in a research note on Wednesday, January 9th. Finally, JPMorgan Chase & Co. downgraded shares of Cree from a “neutral” rating to an “underweight” rating and set a $35.00 target price on the stock. in a research note on Friday, November 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Cree currently has an average rating of “Buy” and an average price target of $49.09.
The company has a market capitalization of $5.39 billion, a P/E ratio of -347.40, a PEG ratio of 6.96 and a beta of 0.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.27 and a current ratio of 4.33.
Cree (NASDAQ:CREE) last posted its quarterly earnings results on Wednesday, January 30th. The LED producer reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The company had revenue of $413.04 million for the quarter, compared to the consensus estimate of $408.75 million. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The firm’s revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) EPS. On average, analysts predict that Cree, Inc. will post 0.37 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its stake in Cree by 6.2% in the 3rd quarter. Morgan Stanley now owns 950,704 shares of the LED producer’s stock worth $36,002,000 after buying an additional 55,155 shares during the period. Legal & General Group Plc increased its position in Cree by 2.7% during the 3rd quarter. Legal & General Group Plc now owns 134,576 shares of the LED producer’s stock valued at $5,097,000 after purchasing an additional 3,478 shares during the period. Robecosam AG increased its position in Cree by 0.7% during the 3rd quarter. Robecosam AG now owns 1,495,500 shares of the LED producer’s stock valued at $56,021,000 after purchasing an additional 10,220 shares during the period. Man Group plc purchased a new position in Cree during the 3rd quarter valued at about $903,000. Finally, JPMorgan Chase & Co. increased its position in Cree by 8.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 78,854 shares of the LED producer’s stock valued at $2,986,000 after purchasing an additional 6,445 shares during the period.
About Cree (NASDAQ:CREE)
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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