GSA Capital Partners LLP increased its position in Cree, Inc. (NASDAQ:CREE) by 163.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,961 shares of the LED producer’s stock after purchasing an additional 44,004 shares during the period. GSA Capital Partners LLP owned approximately 0.07% of Cree worth $2,000,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. GAM Holding AG bought a new position in Cree during the 2nd quarter valued at about $104,000. Riverhead Capital Management LLC lifted its stake in Cree by 75.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after acquiring an additional 2,326 shares during the period. Strs Ohio bought a new position in Cree during the 2nd quarter valued at about $140,000. Advisor Group Inc. lifted its stake in Cree by 11.5% during the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock valued at $197,000 after acquiring an additional 846 shares during the period. Finally, Garner Asset Management Corp bought a new position in Cree during the 3rd quarter valued at about $204,000. Institutional investors own 98.96% of the company’s stock.
CREE has been the subject of several research reports. Roth Capital set a $29.00 price target on shares of Cree and gave the company a “buy” rating in a research report on Tuesday, August 22nd. Stephens lowered shares of Cree from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $27.50 to $16.50 in a research report on Wednesday, August 23rd. They noted that the move was a valuation call. BidaskClub lowered shares of Cree from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Canaccord Genuity reaffirmed a “hold” rating and set a $23.00 price target on shares of Cree in a research report on Wednesday, August 23rd. Finally, Deutsche Bank reaffirmed a “hold” rating and set a $22.00 price target (down previously from $24.00) on shares of Cree in a research report on Wednesday, August 23rd. Seven research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Cree currently has a consensus rating of “Hold” and an average target price of $27.50.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. The company had revenue of $360.00 million during the quarter, compared to analyst estimates of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. equities research analysts forecast that Cree, Inc. will post -0.27 EPS for the current fiscal year.
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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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