Cree, Inc. (NASDAQ:CREE) Short Interest Update
Cree, Inc. (NASDAQ:CREE) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 12,822,600 shares, an increase of 24.1% from the June 15th total of 10,336,517 shares. Based on an average daily trading volume, of 1,893,058 shares, the short-interest ratio is currently 6.8 days. Approximately 13.3% of the shares of the stock are short sold.
Cree (NASDAQ CREE) opened at 26.16 on Wednesday. The firm has a 50-day moving average of $24.93 and a 200-day moving average of $25.55. The company’s market capitalization is $2.55 billion. Cree has a 52 week low of $20.75 and a 52 week high of $31.64.
Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by $0.20. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The company had revenue of $341.51 million for the quarter, compared to analyst estimates of $339.41 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. Cree’s revenue was down 6.9% on a year-over-year basis. Analysts anticipate that Cree will post $0.48 EPS for the current fiscal year.
In other Cree news, Director John B. Replogle bought 10,000 shares of Cree stock in a transaction dated Thursday, April 27th. The shares were purchased at an average cost of $22.11 per share, for a total transaction of $221,100.00. Following the acquisition, the director now directly owns 64,043 shares in the company, valued at approximately $1,415,990.73. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC acquired a new position in shares of Cree during the first quarter worth $134,000. Canada Pension Plan Investment Board boosted its position in shares of Cree by 20.9% in the first quarter. Canada Pension Plan Investment Board now owns 477,733 shares of the LED producer’s stock worth $12,770,000 after buying an additional 82,700 shares during the period. Wells Fargo & Company MN boosted its position in shares of Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock worth $23,932,000 after buying an additional 90,630 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock worth $953,000 after buying an additional 500 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Cree by 14.2% in the first quarter. Janney Montgomery Scott LLC now owns 35,044 shares of the LED producer’s stock worth $937,000 after buying an additional 4,349 shares during the period. Hedge funds and other institutional investors own 86.04% of the company’s stock.
A number of research firms have recently weighed in on CREE. Zacks Investment Research downgraded shares of Cree from a “hold” rating to a “sell” rating in a report on Tuesday. Cowen and Company restated a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Roth Capital restated a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Cree in a report on Tuesday, June 20th. J P Morgan Chase & Co restated a “neutral” rating and issued a $26.00 target price (up from $25.00) on shares of Cree in a report on Monday, June 5th. Finally, JMP Securities upgraded shares of Cree from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $23.81 to $29.00 in a report on Monday, May 22nd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $25.00.
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Cree Company Profile
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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