Shares of Cree, Inc. (NASDAQ:CREE) have been assigned a consensus recommendation of “Buy” from the seventeen analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $51.84.
CREE has been the topic of several recent research reports. TheStreet upgraded Cree from a “c” rating to a “b-” rating in a report on Wednesday, January 9th. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a report on Friday, November 23rd. Zacks Investment Research upgraded Cree from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Tuesday, January 1st. JMP Securities lowered Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price target on the stock. in a report on Tuesday, January 29th. They noted that the move was a valuation call. Finally, Oppenheimer increased their price target on Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a report on Thursday, January 31st.
Institutional investors have recently modified their holdings of the stock. Morgan Stanley increased its position in Cree by 6.2% in the third quarter. Morgan Stanley now owns 950,704 shares of the LED producer’s stock worth $36,002,000 after buying an additional 55,155 shares during the last quarter. Legal & General Group Plc increased its position in Cree by 2.7% in the third quarter. Legal & General Group Plc now owns 134,576 shares of the LED producer’s stock worth $5,097,000 after buying an additional 3,478 shares during the last quarter. Clean Yield Group purchased a new stake in Cree in the fourth quarter worth $184,000. Man Group plc purchased a new stake in Cree in the third quarter worth $903,000. Finally, JPMorgan Chase & Co. increased its position in Cree by 8.9% in the third quarter. JPMorgan Chase & Co. now owns 78,854 shares of the LED producer’s stock worth $2,986,000 after buying an additional 6,445 shares during the last quarter.
NASDAQ CREE traded up $0.07 during trading hours on Wednesday, hitting $57.35. 73,304 shares of the company’s stock were exchanged, compared to its average volume of 1,199,725. Cree has a 1-year low of $33.72 and a 1-year high of $57.72. The stock has a market capitalization of $5.88 billion, a P/E ratio of -380.20, a P/E/G ratio of 7.69 and a beta of 0.63. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.33 and a quick ratio of 3.27.
Cree (NASDAQ:CREE) last announced its quarterly earnings results on Wednesday, January 30th. The LED producer reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $413.04 million for the quarter, compared to analyst estimates of $408.75 million. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. Equities analysts expect that Cree will post 0.37 earnings per share for the current year.
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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