Cree, Inc. (NASDAQ:CREE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “
A number of other equities analysts have also issued reports on CREE. TheStreet raised Cree from a “d+” rating to a “c-” rating in a report on Wednesday, September 27th. BidaskClub lowered Cree from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Northland Securities reissued a “hold” rating and set a $28.00 price target on shares of Cree in a report on Thursday, September 28th. Needham & Company LLC reissued a “hold” rating on shares of Cree in a report on Tuesday, September 26th. Finally, Bank of America Corporation lowered their price target on Cree from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, August 23rd. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $27.50.
Cree (NASDAQ CREE) traded up $0.51 during midday trading on Friday, hitting $36.93. The company had a trading volume of 1,411,645 shares, compared to its average volume of 2,231,971. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.61 and a current ratio of 4.82. Cree has a 52-week low of $20.50 and a 52-week high of $37.43.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.04. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. During the same quarter last year, the company posted $0.09 earnings per share. The business’s revenue was down 3.0% on a year-over-year basis. analysts predict that Cree will post -0.27 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its position in shares of Cree by 3.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,400 shares of the LED producer’s stock valued at $626,000 after acquiring an additional 800 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Cree during the 1st quarter valued at approximately $346,000. Alliancebernstein L.P. lifted its position in shares of Cree by 108.4% during the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock valued at $3,823,000 after acquiring an additional 80,681 shares during the period. Zacks Investment Management acquired a new stake in shares of Cree during the 2nd quarter valued at approximately $1,069,000. Finally, BlackRock Inc. lifted its position in shares of Cree by 26.8% during the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after acquiring an additional 2,164,847 shares during the period. Institutional investors own 91.73% of the company’s stock.
Cree Company Profile
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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