Shares of Cree, Inc. (NASDAQ:CREE) have received an average rating of “Hold” from the sixteen analysts that are currently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $63.00.

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Cree from $46.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 19th. Citigroup cut their price target on Cree from $82.00 to $71.00 in a report on Thursday, August 20th. JPMorgan Chase & Co. upgraded Cree from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $40.00 to $60.00 in a report on Wednesday, May 20th. BidaskClub lowered Cree from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 20th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Cree in a research report on Friday, September 4th.

NASDAQ CREE opened at $64.36 on Friday. The stock has a fifty day moving average of $66.16 and a 200-day moving average of $52.93. The stock has a market capitalization of $6.87 billion, a P/E ratio of -36.36 and a beta of 1.17. Cree has a 52 week low of $27.77 and a 52 week high of $74.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.85 and a current ratio of 5.47.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 18th. The LED producer reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. Cree had a negative return on equity of 5.04% and a negative net margin of 21.21%. The business had revenue of $205.70 million during the quarter, compared to analysts’ expectations of $198.57 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The firm’s quarterly revenue was down 18.0% compared to the same quarter last year. Equities research analysts forecast that Cree will post -1.06 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the business. Capital Research Global Investors increased its stake in shares of Cree by 21.3% during the 1st quarter. Capital Research Global Investors now owns 13,238,126 shares of the LED producer’s stock worth $469,424,000 after purchasing an additional 2,327,626 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Cree in the 2nd quarter valued at approximately $121,420,000. Alliancebernstein L.P. grew its stake in Cree by 115.9% in the 1st quarter. Alliancebernstein L.P. now owns 2,826,803 shares of the LED producer’s stock valued at $100,238,000 after buying an additional 1,517,327 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Cree by 17.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,072,044 shares of the LED producer’s stock valued at $122,645,000 after purchasing an additional 314,352 shares in the last quarter. Finally, FIL Ltd grew its position in shares of Cree by 20.8% during the 2nd quarter. FIL Ltd now owns 1,688,475 shares of the LED producer’s stock valued at $99,941,000 after purchasing an additional 290,923 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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