Cree Inc. (CREE) Shares Up 3%
Cree Inc. (NASDAQ:CREE)’s share price shot up 3% during 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 brokerages recently commented on CREE. Needham & Company LLC reissued a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Cowen and Company reissued a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Canaccord Genuity reissued a “hold” rating and issued a $24.00 price objective (up previously from $19.00) on shares of Cree in a research note on Sunday, July 17th. Zacks Investment Research raised shares of Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 7th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Cree in a research note on Thursday, August 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Cree presently has an average rating of “Hold” and an average price target of $33.36.
The company’s market capitalization is $2.40 billion. The company has a 50 day moving average price of $26.87 and a 200-day moving average price of $26.50.
Cree (NASDAQ:CREE) last released 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. The business had revenue of $388.40 million for the quarter, compared to analyst estimates of $385.83 million. Cree’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.19) earnings per share. On average, equities analysts predict that Cree Inc. will post $0.56 EPS for the current fiscal year.
In other Cree news, Director John B. Replogle acquired 5,000 shares of the stock in a transaction dated Thursday, August 18th. The stock was purchased at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the acquisition, the director now owns 35,123 shares in the company, valued at approximately $819,419.59. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Several large investors have made changes to their positions in CREE. KBC Group NV raised 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 in the last quarter. Dimensional Fund Advisors LP raised 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 in the last quarter. Stephens Inc. AR raised 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 in the last quarter. Finally, Morgan Stanley raised 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 in 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.