Cree, Inc. (NASDAQ:CREE) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 8,259,354 shares traded hands during trading, an increase of 472% from the previous session’s volume of 1,442,860 shares.The stock last traded at $37.54 and had previously closed at $35.02.

The LED producer reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The business had revenue of $408.28 million for the quarter, compared to analyst estimates of $407.32 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The firm’s revenue was up 13.3% compared to the same quarter last year.

A number of research firms have recently issued reports on CREE. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. BidaskClub lowered shares of Cree from a “strong-buy” rating to a “buy” rating in a report on Friday, June 22nd. Roth Capital boosted their price target on shares of Cree from $39.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, June 27th. Deutsche Bank cut their price target on shares of Cree to $42.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, ValuEngine lowered shares of Cree from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 6th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $43.25.

In other Cree news, EVP David Todd Emerson sold 22,500 shares of the company’s stock in a transaction that occurred 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 owns 159,097 shares in the company, valued at approximately $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of Cree by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 425,759 shares of the LED producer’s stock worth $17,162,000 after purchasing an additional 11,376 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Cree by 56.2% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 20,080 shares of the LED producer’s stock worth $809,000 after purchasing an additional 7,228 shares during the last quarter. Guggenheim Capital LLC increased its stake in shares of Cree by 20.7% during the 1st quarter. Guggenheim Capital LLC now owns 45,025 shares of the LED producer’s stock worth $1,816,000 after purchasing an additional 7,710 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Cree by 1,320.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 8,621 shares of the LED producer’s stock worth $348,000 after purchasing an additional 8,014 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Cree by 41.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,053 shares of the LED producer’s stock worth $526,000 after purchasing an additional 3,800 shares during the last quarter.

The company has a market capitalization of $3.85 billion, a P/E ratio of -263.07 and a beta of 0.55. The company has a current ratio of 3.58, a quick ratio of 2.39 and a debt-to-equity ratio of 0.14.

Cree Company Profile (NASDAQ: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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