Cree, Inc. (NASDAQ:CREE) has earned a consensus recommendation of “Hold” from the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $50.34.

A number of research firms have issued reports on CREE. BidaskClub raised Cree from a “sell” rating to a “hold” rating in a research report on Wednesday, January 8th. BMO Capital Markets reduced their price target on Cree to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, October 31st. Roth Capital reduced their price target on Cree from $67.00 to $61.00 in a research report on Thursday, October 31st. TheStreet lowered Cree from a “c” rating to a “d+” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. lowered Cree from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $43.00 to $40.00 in a research report on Thursday, October 31st.

In other news, Director Duy Loan T. Le purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were purchased at an average price of $45.87 per share, for a total transaction of $91,740.00. Following the purchase, the director now directly owns 13,659 shares of the company’s stock, valued at approximately $626,538.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.36% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in CREE. Nuveen Asset Management LLC purchased a new position in shares of Cree in the 2nd quarter valued at approximately $134,889,000. Invesco Ltd. grew its stake in shares of Cree by 566.5% in the 2nd quarter. Invesco Ltd. now owns 1,816,237 shares of the LED producer’s stock valued at $102,036,000 after purchasing an additional 1,543,719 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Cree in the 2nd quarter valued at approximately $51,222,000. Victory Capital Management Inc. purchased a new position in shares of Cree in the 2nd quarter valued at approximately $44,724,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Cree in the 2nd quarter valued at approximately $27,036,000. Hedge funds and other institutional investors own 97.53% of the company’s stock.

CREE traded up $0.74 during mid-day trading on Tuesday, hitting $50.90. 1,383,299 shares of the stock were exchanged, compared to its average volume of 1,176,233. The firm’s fifty day moving average is $46.18 and its two-hundred day moving average is $50.43. Cree has a 1-year low of $40.46 and a 1-year high of $69.21. The company has a current ratio of 5.57, a quick ratio of 4.82 and a debt-to-equity ratio of 0.23. The company has a market cap of $5.40 billion, a PE ratio of 141.38 and a beta of 0.86.

Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. The firm had revenue of $242.80 million for the quarter, compared to analyst estimates of $239.48 million. During the same quarter in the prior year, the company earned $0.22 EPS. Cree’s revenue was down 11.5% on a year-over-year basis. As a group, research analysts anticipate that Cree will post -0.76 earnings per share for the current year.

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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