Cree, Inc. (NASDAQ:CREE) had its price target lifted by Bank of America Corporation from $31.00 to $32.00 in a research note published on Wednesday morning. The firm currently has a neutral rating on the LED producer’s stock.

Other equities analysts have also recently issued reports about the stock. Northland Securities reissued a hold rating and set a $28.00 price target on shares of Cree in a research report on Thursday, September 28th. J P Morgan Chase & Co cut shares of Cree from a neutral rating to an underweight rating and lifted their price target for the stock from $23.00 to $28.00 in a research report on Friday, October 6th. Roth Capital set a $35.00 price target on shares of Cree and gave the stock a buy rating in a research report on Monday. Needham & Company LLC reissued a hold rating on shares of Cree in a research report on Tuesday, September 26th. Finally, BidaskClub cut shares of Cree from a buy rating to a hold rating in a research report on Friday, July 28th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $25.73.

Shares of Cree (NASDAQ CREE) traded up 0.06% during midday trading on Wednesday, hitting $34.18. The stock had a trading volume of 7,203,593 shares. The stock has a 50-day moving average of $26.85 and a 200 day moving average of $24.90. Cree has a 52 week low of $20.50 and a 52 week high of $35.46. The stock’s market cap is $3.34 billion.

Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The firm had revenue of $360.00 million during the quarter, compared to analyst estimates of $360.01 million. During the same quarter in the previous year, the business earned $0.09 EPS. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. Analysts anticipate that Cree will post $0.13 EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. GAM Holding AG bought a new position in Cree in the 2nd quarter valued at approximately $104,000. Riverhead Capital Management LLC lifted 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 valued at $134,000 after purchasing an additional 2,326 shares during the last quarter. Strs Ohio bought a new position in Cree in the 2nd quarter valued at approximately $140,000. LS Investment Advisors LLC lifted its stake in Cree by 17.9% in the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Advisor Group Inc. lifted 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 valued at $197,000 after purchasing an additional 846 shares during the last quarter. 91.16% of the stock is owned by institutional investors.

Cree Company Profile

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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