Cree (CREE) Shares Down 9.1%

Cree, Inc. (NASDAQ:CREE) was down 9.1% during mid-day trading on Monday . The company traded as low as $57.34 and last traded at $57.41. Approximately 2,952,674 shares traded hands during trading, an increase of 107% from the average daily volume of 1,428,337 shares. The stock had previously closed at $63.15.

A number of equities research analysts have issued reports on CREE shares. JMP Securities cut Cree from an “outperform” rating to a “market perform” rating and set a $49.32 target price for the company. in a research report on Tuesday, January 29th. They noted that the move was a valuation call. Zacks Investment Research cut Cree from a “buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Oppenheimer upped their target price on Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, January 31st. BidaskClub cut Cree from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $81.00 target price (up previously from $60.00) on shares of Cree in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $58.89.

The company has a debt-to-equity ratio of 0.22, a current ratio of 4.48 and a quick ratio of 3.97. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of -388.87, a P/E/G ratio of 7.89 and a beta of 0.69.

Cree (NASDAQ:CREE) last issued its earnings results on Wednesday, May 1st. The LED producer reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $274.00 million during the quarter, compared to analysts’ expectations of $274.73 million. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. Cree’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the business earned $0.04 earnings per share. On average, equities analysts anticipate that Cree, Inc. will post 0.4 EPS for the current fiscal year.

In other news, Director Duy Loan T. Le bought 2,000 shares of Cree stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average cost of $60.07 per share, with a total value of $120,140.00. Following the completion of the transaction, the director now directly owns 8,442 shares in the company, valued at $507,110.94. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of CREE. Cresset Asset Management LLC bought a new position in Cree in the first quarter worth $26,000. Quadrant Capital Group LLC lifted its position in Cree by 501.1% in the first quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock worth $29,000 after purchasing an additional 451 shares during the period. James Investment Research Inc. bought a new position in Cree in the first quarter worth $33,000. Capital Investment Advisory Services LLC bought a new position in Cree in the fourth quarter worth $35,000. Finally, Oregon Public Employees Retirement Fund lifted its position in Cree by 4,177.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock worth $40,000 after purchasing an additional 1,655,251 shares during the period.

COPYRIGHT VIOLATION NOTICE: “Cree (CREE) Shares Down 9.1%” was published by Baseball Daily News and is the property of of Baseball Daily News. If you are accessing this story on another website, it was illegally stolen and republished in violation of US & international copyright and trademark law. The correct version of this story can be read at https://www.baseballdailydigest.com/news/2019/05/22/cree-cree-shares-down-9-1.html.

Cree Company Profile (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.

Read More: What does a market perform rating mean?

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.