BidaskClub cut shares of Cree (NASDAQ:CREE) from a sell rating to a strong sell rating in a report released on Tuesday.

Several other brokerages have also commented on CREE. Canaccord Genuity set a $60.00 price target on shares of Cree and gave the stock a buy rating in a research note on Tuesday, August 14th. Zacks Investment Research lowered shares of Cree from a buy rating to a hold rating in a research note on Tuesday, June 26th. ValuEngine upgraded shares of Cree from a buy rating to a strong-buy rating in a research note on Saturday, August 18th. JPMorgan Chase & Co. upgraded shares of Cree from an underweight rating to a neutral rating and set a $35.00 price target on the stock in a research note on Tuesday. They noted that the move was a valuation call. Finally, Nomura began coverage on shares of Cree in a research note on Wednesday, July 18th. They issued a neutral rating and a $44.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $43.92.

Shares of Cree stock traded up $0.84 during mid-day trading on Tuesday, hitting $34.56. The stock had a trading volume of 1,770,190 shares, compared to its average volume of 1,408,227. Cree has a 12-month low of $28.92 and a 12-month high of $51.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.58 and a quick ratio of 2.39. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of -230.40 and a beta of 0.55.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 14th. The LED producer reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.03. The firm had revenue of $409.45 million during the quarter, compared to analysts’ expectations of $399.69 million. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company posted $0.04 EPS. Equities analysts expect that Cree will post 0.13 earnings per share for the current fiscal year.

In other Cree news, EVP David Todd Emerson sold 22,500 shares of Cree stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now directly owns 159,097 shares in the company, valued at $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CREE. State Treasurer State of Michigan boosted its holdings in shares of Cree by 3.4% in the second quarter. State Treasurer State of Michigan now owns 37,000 shares of the LED producer’s stock valued at $1,538,000 after acquiring an additional 1,200 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Cree by 5.0% in the second quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the LED producer’s stock valued at $1,127,000 after acquiring an additional 1,300 shares in the last quarter. Vident Investment Advisory LLC boosted its holdings in Cree by 1.5% during the second quarter. Vident Investment Advisory LLC now owns 100,526 shares of the LED producer’s stock worth $4,179,000 after buying an additional 1,506 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Cree by 4.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 38,212 shares of the LED producer’s stock worth $1,588,000 after buying an additional 1,706 shares in the last quarter. Finally, Meadow Creek Investment Management LLC boosted its holdings in Cree by 13.2% during the second quarter. Meadow Creek Investment Management LLC now owns 15,164 shares of the LED producer’s stock worth $630,000 after buying an additional 1,768 shares in the last quarter.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Analyst Recommendations for Cree (NASDAQ:CREE)

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