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.
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.
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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.
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