Nomura set a $40.00 target price on Cree (NASDAQ:CREE) in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage currently has a hold rating on the LED producer’s stock.
CREE has been the subject of several other reports. BidaskClub downgraded shares of Cree from a hold rating to a sell rating in a research note on Thursday, September 20th. TheStreet downgraded shares of Cree from a b- rating to a c+ rating in a research note on Tuesday, September 11th. Canaccord Genuity assumed coverage on shares of Cree in a research note on Friday, August 3rd. They set a buy rating and a $61.00 price objective for the company. Cowen set a $38.00 price objective on shares of Cree and gave the company a hold rating in a research note on Thursday, October 11th. Finally, ValuEngine downgraded shares of Cree from a buy rating to a hold rating in a research note on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Cree presently has a consensus rating of Hold and a consensus target price of $44.05.
Shares of NASDAQ:CREE traded down $1.98 during midday trading on Wednesday, hitting $35.68. 1,972,352 shares of the stock traded hands, compared to its average volume of 2,327,788. The company has a market cap of $3.86 billion, a price-to-earnings ratio of -237.87 and a beta of 0.54. The company has a current ratio of 4.19, a quick ratio of 2.39 and a debt-to-equity ratio of 0.21. Cree has a one year low of $30.78 and a one year high of $51.78.
In related news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total transaction of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares in the company, valued at $7,293,006.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. D L Carlson Investment Group Inc. grew its holdings in Cree by 18.2% in the second quarter. D L Carlson Investment Group Inc. now owns 197,385 shares of the LED producer’s stock worth $8,205,000 after purchasing an additional 30,375 shares during the period. Raymond James & Associates lifted its stake in shares of Cree by 21.7% in the second quarter. Raymond James & Associates now owns 575,303 shares of the LED producer’s stock worth $23,915,000 after buying an additional 102,570 shares in the last quarter. Bank of America Corp DE lifted its position in Cree by 4.9% during the second quarter. Bank of America Corp DE now owns 657,152 shares of the LED producer’s stock valued at $27,317,000 after purchasing an additional 30,988 shares during the period. Metropolitan Life Insurance Co. NY lifted its position in Cree by 3.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 58,613 shares of the LED producer’s stock valued at $2,437,000 after purchasing an additional 1,979 shares during the period. Finally, Zacks Investment Management bought a new position in Cree during the second quarter valued at approximately $210,000.
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.
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