Cree, Inc. (NASDAQ:CREE) hit a new 52-week high and low on Tuesday . The stock traded as low as $50.21 and last traded at $50.15, with a volume of 61004 shares traded. The stock had previously closed at $49.10.
CREE has been the topic of several analyst reports. Goldman Sachs Group raised Cree from a “sell” rating to a “neutral” rating and increased their target price for the stock from $39.00 to $41.76 in a research report on Wednesday, March 7th. BidaskClub raised Cree from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 16th. KeyCorp reaffirmed a “hold” rating on shares of Cree in a research report on Wednesday, March 7th. Williams Capital reaffirmed a “hold” rating and issued a $36.00 target price (up from $32.00) on shares of Cree in a research report on Tuesday, February 27th. Finally, Oppenheimer raised Cree from a “market perform” rating to an “outperform” rating and set a $53.00 price target on the stock in a report on Wednesday, April 25th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $37.20.
The firm has a market cap of $4.92 billion, a P/E ratio of 263.79 and a beta of 0.67. The company has a quick ratio of 2.46, a current ratio of 3.74 and a debt-to-equity ratio of 0.15.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, April 24th. The LED producer reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. The company had revenue of $355.96 million for the quarter, compared to analyst estimates of $347.38 million. During the same period last year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. research analysts anticipate that Cree, Inc. will post -0.24 EPS for the current fiscal year.
In related news, insider Michael E. Mcdevitt sold 7,000 shares of the firm’s stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $39.36, for a total transaction of $275,520.00. Following the completion of the transaction, the insider now owns 169,924 shares of the company’s stock, valued at $6,688,208.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CREE. Icon Wealth Partners LLC bought a new position in Cree during the fourth quarter valued at about $110,000. SeaCrest Wealth Management LLC bought a new position in Cree during the fourth quarter valued at about $156,000. Quantbot Technologies LP bought a new position in Cree during the first quarter valued at about $193,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cree by 41.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after buying an additional 1,687 shares in the last quarter. Finally, Zeke Capital Advisors LLC bought a new position in Cree during the fourth quarter valued at about $218,000. 98.73% of the stock is owned by institutional investors and hedge funds.
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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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