Shares of Cree, Inc. (NASDAQ:CREE) hit a new 52-week high on Thursday . The company traded as high as $59.66 and last traded at $59.48, with a volume of 42640 shares traded. The stock had previously closed at $57.88.

A number of analysts recently weighed in on CREE shares. BidaskClub upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 29th. JPMorgan Chase & Co. cut shares of Cree from a “neutral” rating to an “underweight” rating and set a $45.96 price target for the company. in a research note on Sunday, December 9th. JMP Securities cut shares of Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price target for the company. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. TheStreet upgraded shares of Cree from a “c” rating to a “b-” rating in a research note on Wednesday, January 9th. Finally, Oppenheimer increased their price target on shares of Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, January 31st. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Cree has an average rating of “Buy” and an average price target of $51.84.

The company has a market capitalization of $5.91 billion, a P/E ratio of -396.27, a price-to-earnings-growth ratio of 7.59 and a beta of 0.63. The company has a current ratio of 4.33, a quick ratio of 3.27 and a debt-to-equity ratio of 0.21.

Cree (NASDAQ:CREE) last released its earnings results on Wednesday, January 30th. The LED producer reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.06. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The company had revenue of $413.04 million during the quarter, compared to analysts’ expectations of $408.75 million. During the same quarter last year, the business earned ($0.01) EPS. The business’s revenue was up 12.3% on a year-over-year basis. On average, research analysts forecast that Cree, Inc. will post 0.38 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of Cree by 9.9% in the 4th quarter. Geode Capital Management LLC now owns 1,158,960 shares of the LED producer’s stock worth $49,574,000 after acquiring an additional 104,788 shares during the period. Norges Bank acquired a new stake in shares of Cree in the 4th quarter worth $47,772,000. FMR LLC increased its holdings in shares of Cree by 6.6% in the 4th quarter. FMR LLC now owns 2,954,664 shares of the LED producer’s stock valued at $126,386,000 after purchasing an additional 182,578 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Cree in the 4th quarter valued at about $625,000. Finally, Macquarie Group Ltd. increased its holdings in shares of Cree by 37.7% in the 4th quarter. Macquarie Group Ltd. now owns 101,445 shares of the LED producer’s stock valued at $4,339,000 after purchasing an additional 27,800 shares in the last quarter.

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About Cree (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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