Cree Inc. (CREE) Shares Up 12.3%
Cree Inc. (NASDAQ:CREE)’s share price shot up 12.3% during mid-day trading on Thursday . The stock traded as high as $28.32 and last traded at $28.17, with a volume of 3,838,503 shares. The stock had previously closed at $25.08.
A number of research firms have recently weighed in on CREE. Summit Research reissued a “hold” rating and issued a $25.00 price target (down from $30.00) on shares of Cree in a report on Wednesday, April 6th. Stephens reissued a “buy” rating and issued a $40.00 price target on shares of Cree in a report on Wednesday, April 6th. Deutsche Bank AG cut their price target on Cree from $27.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, April 7th. Bank of America Corp. reissued a “hold” rating on shares of Cree in a report on Wednesday, April 6th. Finally, Canaccord Genuity reissued a “hold” rating on shares of Cree in a report on Wednesday, April 27th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. Cree currently has a consensus rating of “Hold” and an average target price of $33.46.
The company’s market cap is $2.79 billion. The company has a 50-day moving average price of $24.48 and a 200 day moving average price of $26.36.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, April 26th. The LED producer reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.03. During the same quarter in the previous year, the business posted $0.22 EPS. The company earned $367 million during the quarter, compared to the consensus estimate of $370.49 million. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. On average, equities analysts expect that Cree Inc. will post $0.86 EPS for the current year.
A number of hedge funds and institutional investors have made changes to their positions in CREE. Dimensional Fund Advisors LP boosted its position in shares of Cree by 50.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,162,172 shares of the LED producer’s stock worth $57,669,000 after buying an additional 729,341 shares in the last quarter. California Public Employees Retirement System boosted its position in Cree by 21.7% in the fourth quarter. California Public Employees Retirement System now owns 721,256 shares of the LED producer’s stock worth $19,236,000 after buying an additional 128,500 shares during the period. Morgan Stanley boosted its position in Cree by 2.4% in the fourth quarter. Morgan Stanley now owns 577,459 shares of the LED producer’s stock worth $15,402,000 after buying an additional 13,702 shares during the period. Cornerstone Capital Management Holdings LLC. purchased a new position in Cree during the fourth quarter worth about $9,013,000. Finally, Royce & Associates LLC boosted its position in Cree by 42.1% in the fourth quarter. Royce & Associates LLC now owns 268,200 shares of the LED producer’s stock worth $7,153,000 after buying an additional 79,500 shares during the period.
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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