Cree (CREE) Upgraded at BidaskClub

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BidaskClub upgraded shares of Cree (NASDAQ:CREE) from a strong sell rating to a sell rating in a report issued on Wednesday morning.

CREE has been the topic of several other reports. TheStreet cut Cree from a b- rating to a c+ rating in a report on Tuesday, September 11th. Canaccord Genuity began coverage on Cree in a report on Friday, August 3rd. They issued a buy rating and a $61.00 target price on the stock. Cowen set a $38.00 target price on Cree and gave the stock a hold rating in a report on Thursday, October 11th. ValuEngine cut Cree from a buy rating to a hold rating in a report on Thursday, August 2nd. Finally, Roth Capital set a $50.00 target price on Cree and gave the stock a hold rating in a report on Wednesday, August 15th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. Cree has an average rating of Hold and an average price target of $44.05.

NASDAQ:CREE traded down $1.98 on Wednesday, reaching $35.68. 1,972,352 shares of the company’s stock traded hands, compared to its average volume of 2,327,788. The company has a quick ratio of 2.39, a current ratio of 4.19 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.86 billion, a PE ratio of -237.87 and a beta of 0.54. Cree has a 12 month low of $30.78 and a 12 month high of $51.78.

Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.10. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. The firm had revenue of $408.28 million for the quarter, compared to analysts’ expectations of $407.32 million. During the same period in the previous year, the firm posted $0.04 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Sell-side analysts anticipate that Cree will post 0.13 earnings per share for the current fiscal year.

In related news, EVP David Todd Emerson sold 22,500 shares of Cree stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the completion of the transaction, the executive vice president now owns 159,097 shares in the company, valued at $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.55% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CREE. Principal Financial Group Inc. grew its position in Cree by 2.7% in the first quarter. Principal Financial Group Inc. now owns 425,759 shares of the LED producer’s stock worth $17,162,000 after acquiring an additional 11,376 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in Cree by 56.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 20,080 shares of the LED producer’s stock worth $809,000 after acquiring an additional 7,228 shares in the last quarter. Guggenheim Capital LLC grew its position in Cree by 20.7% in the first quarter. Guggenheim Capital LLC now owns 45,025 shares of the LED producer’s stock worth $1,816,000 after acquiring an additional 7,710 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of Cree by 1,320.3% during the first quarter. Cubist Systematic Strategies LLC now owns 8,621 shares of the LED producer’s stock valued at $348,000 after buying an additional 8,014 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its position in shares of Cree by 41.1% during the first quarter. Xact Kapitalforvaltning AB now owns 13,053 shares of the LED producer’s stock valued at $526,000 after buying an additional 3,800 shares during the period.

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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Analyst Recommendations for Cree (NASDAQ:CREE)

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