BidaskClub cut shares of Cree (NASDAQ:CREE) from a buy rating to a hold rating in a research report report published on Tuesday, BidAskClub reports.

Several other research analysts also recently issued reports on CREE. Roth Capital cut their price target on Cree from $67.00 to $61.00 in a research note on Thursday, October 31st. ValuEngine downgraded Cree from a strong-buy rating to a buy rating in a research note on Saturday, December 21st. TheStreet raised Cree from a d+ rating to a c- rating in a research note on Tuesday, January 14th. Charter Equity initiated coverage on Cree in a research note on Friday, January 10th. They set a buy rating for the company. Finally, Zacks Investment Research raised Cree from a sell rating to a hold rating and set a $51.00 price target for the company in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $52.90.

Cree stock traded down $1.02 during midday trading on Tuesday, reaching $48.41. The company’s stock had a trading volume of 839,288 shares, compared to its average volume of 1,532,970. The firm has a market capitalization of $5.34 billion, a PE ratio of -11.26 and a beta of 0.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 4.54 and a current ratio of 5.20. Cree has a fifty-two week low of $40.46 and a fifty-two week high of $69.21. The stock’s 50 day simple moving average is $48.93 and its 200 day simple moving average is $49.04.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Wednesday, January 29th. The LED producer reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.12. The business had revenue of $239.90 million during the quarter, compared to the consensus estimate of $236.33 million. Cree had a negative return on equity of 2.00% and a negative net margin of 44.86%. The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS. Equities analysts predict that Cree will post -0.84 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in CREE. Winslow Evans & Crocker Inc. raised its stake in Cree by 169.9% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 556 shares of the LED producer’s stock valued at $28,000 after purchasing an additional 350 shares during the last quarter. Allred Capital Management LLC acquired a new position in Cree in the 4th quarter valued at about $30,000. Evoke Wealth LLC acquired a new position in Cree in the 3rd quarter valued at about $31,000. NWK Group Inc. acquired a new position in Cree in the 4th quarter valued at about $32,000. Finally, AdvisorNet Financial Inc raised its stake in Cree by 2,777.8% in the 3rd quarter. AdvisorNet Financial Inc now owns 777 shares of the LED producer’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. 96.89% of the stock is owned by hedge funds and other institutional investors.

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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