Cree Inc. (CREE) Stock Price Up 3%
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.
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