Cree, Inc. (CREE) Lowered to D+ at TheStreet

TheStreet downgraded shares of Cree, Inc. (NASDAQ:CREE) from a c- rating to a d+ rating in a report released on Wednesday.

CREE has been the subject of a number of other research reports. Canaccord Genuity reiterated a hold rating and set a $23.00 price target on shares of Cree in a research report on Thursday, February 9th. Zacks Investment Research downgraded Cree from a hold rating to a strong sell rating in a research report on Monday, May 1st. Williams Capital dropped their price target on Cree from $27.00 to $25.00 and set a hold rating for the company in a research report on Wednesday, April 26th. JPMorgan Chase & Co. restated an overweight rating and issued a $30.00 target price on shares of Cree in a research report on Tuesday, February 21st. Finally, Needham & Company LLC restated a hold rating on shares of Cree in a research report on Wednesday, January 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of Hold and an average target price of $27.00.

Cree (NASDAQ:CREE) traded up 7.65% during midday trading on Wednesday, reaching $23.36. 1,724,282 shares of the company traded hands. The firm’s market capitalization is $2.27 billion. The firm has a 50-day moving average price of $23.63 and a 200-day moving average price of $25.69. Cree has a one year low of $20.75 and a one year high of $31.64.

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Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.20. The business had revenue of $341.51 million for the quarter, compared to the consensus estimate of $339.41 million. Cree had a negative net margin of 0.26% and a positive return on equity of 1.06%. The business’s revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.17 EPS. Equities analysts predict that Cree will post $0.48 EPS for the current fiscal year.

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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, with a total value of $221,100.00. Following the completion of the purchase, the director now owns 64,043 shares of the company’s stock, valued at $1,415,990.73. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of CREE. Advisory Services Network LLC purchased a new stake in shares of Cree during the first quarter valued at $134,000. Elkfork Partners LLC purchased a new stake in shares of Cree during the fourth quarter valued at $137,000. Physicians Financial Services Inc. boosted its stake in shares of Cree by 1.8% in the third quarter. Physicians Financial Services Inc. now owns 5,725 shares of the LED producer’s stock valued at $147,000 after buying an additional 100 shares during the last quarter. Gideon Capital Advisors Inc. purchased a new stake in shares of Cree during the fourth quarter valued at $219,000. Finally, Soros Fund Management LLC purchased a new stake in shares of Cree during the fourth quarter valued at $243,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

About Cree

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.

5 Day Chart for NASDAQ:CREE

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