Cree Inc. (NASDAQ:CREE)’s share price rose 3% during mid-day trading on Thursday . The stock traded as high as $24.26 and last traded at $24.24, with a volume of 618,132 shares trading hands. The stock had previously closed at $23.53.

Several research firms have recently commented on CREE. Pacific Crest began coverage on Cree in a research note on Friday, May 13th. They issued a “sector perform” rating and a $23.00 target price for the company. Zacks Investment Research raised Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 7th. Deutsche Bank AG lifted their target price on Cree from $23.00 to $26.00 and gave the company a “hold” rating in a research note on Friday, July 15th. Canaccord Genuity reissued a “hold” rating and issued a $24.00 target price (up from $19.00) on shares of Cree in a research note on Sunday, July 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $33.36.

The company’s 50 day moving average price is $26.83 and its 200 day moving average price is $26.44. The stock’s market cap is $2.42 billion.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. During the same period last year, the firm earned ($0.19) EPS. The firm earned $388.40 million during the quarter, compared to the consensus estimate of $385.83 million. The business’s revenue was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that Cree Inc. will post $0.56 EPS for the current year.

In related news, Director John B. Replogle acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The stock was acquired at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the completion of the acquisition, the director now directly owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Other hedge funds recently bought and sold shares of the company. KBC Group NV increased its stake in Cree by 749.8% in the fourth quarter. KBC Group NV now owns 188,039 shares of the LED producer’s stock worth $5,015,000 after buying an additional 165,912 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in 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 during the last quarter. Stephens Inc. AR increased its stake in Cree by 18.1% in the fourth quarter. Stephens Inc. AR now owns 45,946 shares of the LED producer’s stock worth $1,225,000 after buying an additional 7,057 shares during the last quarter. Finally, Morgan Stanley increased its stake 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 last quarter.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.