Shares of Cree, Inc. (NASDAQ:CREE) were down 6.6% during trading on Tuesday . The company traded as low as $35.93 and last traded at $36.02. Approximately 1,843,310 shares were traded during trading, an increase of 103% from the average daily volume of 908,671 shares. The stock had previously closed at $38.57.

A number of analysts recently commented on CREE shares. Bank of America lifted their price objective on Cree from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 18th. JPMorgan Chase & Co. cut Cree from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $23.00 to $28.00 in a research report on Friday, October 6th. Deutsche Bank set a $45.00 price objective on Cree and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Williams Capital cut Cree from a “hold” rating to a “sell” rating and set a $27.00 price objective for the company. in a research report on Thursday, October 19th. Finally, Zacks Investment Research upgraded Cree from a “sell” rating to a “hold” rating in a research report on Friday, November 17th. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $28.18.

The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3,530.00, a P/E ratio of -29.52 and a beta of 1.26.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. During the same period last year, the company earned $0.09 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. research analysts expect that Cree, Inc. will post -0.27 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of CREE. Riverhead Capital Management LLC boosted its stake in Cree by 75.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after buying an additional 2,326 shares during the last quarter. Advisor Group Inc. boosted its stake in Cree by 11.5% in the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after buying an additional 846 shares during the last quarter. Garner Asset Management Corp acquired a new stake in Cree in the 3rd quarter worth about $204,000. ETRADE Capital Management LLC acquired a new stake in Cree in the 3rd quarter worth about $208,000. Finally, Shelton Capital Management acquired a new stake in Cree in the 3rd quarter worth about $213,000. 98.74% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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