Cree (CREE) Reaches New 1-Year High at $67.20

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Cree, Inc. (NASDAQ:CREE) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $67.20 and last traded at $66.91, with a volume of 22663 shares. The stock had previously closed at $65.49.

Several brokerages have recently issued reports on CREE. Zacks Investment Research downgraded shares of Cree from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a report on Friday, April 5th. JMP Securities upgraded shares of Cree from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $56.29 to $74.00 in a report on Wednesday, March 20th. Canaccord Genuity reiterated a “buy” rating and set a $81.00 price target (up from $60.00) on shares of Cree in a report on Monday. Finally, Oppenheimer upped their price target on shares of Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a report on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $55.54.

The firm has a market cap of $6.85 billion, a price-to-earnings ratio of -448.00, a price-to-earnings-growth ratio of 8.62 and a beta of 0.64. The company has a quick ratio of 3.27, a current ratio of 4.33 and a debt-to-equity ratio of 0.21.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Wednesday, January 30th. The LED producer reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.06. The business had revenue of $413.04 million during the quarter, compared to the consensus estimate of $408.75 million. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. Cree’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.01) earnings per share. Equities research analysts forecast that Cree, Inc. will post 0.38 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of CREE. Capital Investment Advisory Services LLC bought a new stake in Cree during the fourth quarter valued at $35,000. Oregon Public Employees Retirement Fund boosted its position in Cree by 4,177.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock valued at $40,000 after acquiring an additional 1,655,251 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in Cree during the first quarter valued at $42,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Cree by 22.0% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,025 shares of the LED producer’s stock valued at $59,000 after acquiring an additional 185 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Cree by 31.1% during the fourth quarter. Bank of Montreal Can now owns 4,010 shares of the LED producer’s stock valued at $172,000 after acquiring an additional 951 shares during the last quarter.

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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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