Cree (CREE) Downgraded by BidaskClub

Cree (NASDAQ:CREE) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Thursday, September 20th.

CREE has been the subject of several other reports. TheStreet lowered shares of Cree from a “b-” rating to a “c+” rating in a research report on Tuesday, September 11th. Canaccord Genuity initiated coverage on shares of Cree in a research report on Friday, August 3rd. They set a “buy” rating and a $61.00 target price for the company. ValuEngine downgraded shares of Cree from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Roth Capital set a $50.00 price target on shares of Cree and gave the company a “hold” rating in a report on Wednesday, August 15th. Finally, Deutsche Bank initiated coverage on shares of Cree in a report on Monday, August 27th. They set a “hold” rating and a $47.00 price target on the stock. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average target price of $43.92.

NASDAQ CREE traded up $0.84 during trading hours on Thursday, hitting $34.56. 1,770,190 shares of the company’s stock traded hands, compared to its average volume of 1,408,227. The company has a current ratio of 3.58, a quick ratio of 2.39 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -230.40 and a beta of 0.55. Cree has a 52 week low of $28.92 and a 52 week high of $51.78.

Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. The company had revenue of $409.45 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 earnings per share. Sell-side analysts predict that Cree will post 0.13 EPS for the current year.

In other news, EVP David Todd Emerson sold 22,500 shares of the business’s 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 owns 159,097 shares of the company’s stock, valued at $7,293,006.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. State Treasurer State of Michigan lifted 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 worth $1,538,000 after buying an additional 1,200 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of Cree by 3.4% in the first quarter. Profund Advisors LLC now owns 37,088 shares of the LED producer’s stock worth $1,495,000 after buying an additional 1,203 shares in the last quarter. Louisiana State Employees Retirement System lifted 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 worth $1,127,000 after buying an additional 1,300 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of Cree by 1.5% in 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. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Cree by 4.7% in 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.

Cree Company Profile

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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