Cree, Inc. (NASDAQ:CREE) was the target of some unusual options trading on Monday. Traders acquired 10,347 call options on the stock. This represents an increase of approximately 816% compared to the average volume of 1,129 call options.

Several analysts have weighed in on the company. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a research note on Wednesday, September 27th. Northland Securities reiterated a “hold” rating and set a $28.00 price target on shares of Cree in a research note on Thursday, September 28th. BidaskClub downgraded Cree from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Cree in a research note on Tuesday, September 26th. Finally, Stephens downgraded Cree from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $27.50 to $16.50 in a research note on Wednesday, August 23rd. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Cree has an average rating of “Hold” and an average price target of $23.58.

Institutional investors and hedge funds have recently made changes to their positions in the business. GAM Holding AG purchased a new stake in Cree in the 2nd quarter valued at approximately $104,000. Riverhead Capital Management LLC boosted its holdings 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 in the last quarter. Strs Ohio purchased a new stake in Cree in the 2nd quarter valued at approximately $140,000. LS Investment Advisors LLC boosted its holdings 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 in the last quarter. Finally, Advisor Group Inc. boosted its holdings 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 in the last quarter. 91.38% of the stock is currently owned by institutional investors.

Cree (CREE) opened at 29.46 on Friday. Cree has a 12-month low of $20.50 and a 12-month high of $31.64. The company has a 50-day moving average price of $25.26 and a 200-day moving average price of $24.73. The firm’s market cap is $2.87 billion.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The company had revenue of $359.00 million for the quarter, compared to analyst estimates of $349.82 million. During the same quarter in the previous year, the company earned $0.19 EPS. The firm’s revenue for the quarter was down 7.6% compared to the same quarter last year. On average, equities analysts predict that Cree will post $0.30 earnings per share for the current year.

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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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