BNP Paribas assumed coverage on shares of Cree (NASDAQ:CREE) in a report issued on Thursday, August 29th, BenzingaRatingsTable reports. The brokerage issued an underperform rating and a $40.00 target price on the LED producer’s stock.
A number of other equities research analysts also recently issued reports on the company. CIBC restated a market perform rating on shares of Cree in a research note on Thursday, May 2nd. JPMorgan Chase & Co. set a $45.00 price target on Cree and gave the company a neutral rating in a research note on Tuesday, August 27th. BidaskClub downgraded Cree from a buy rating to a hold rating in a research note on Tuesday, August 6th. Deutsche Bank cut their price objective on Cree from $55.00 to $52.00 and set a hold rating for the company in a research note on Wednesday, August 21st. Finally, Oppenheimer downgraded Cree from an outperform rating to a market perform rating and boosted their price objective for the company from $58.00 to $64.78 in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $56.75.
CREE opened at $51.91 on Thursday. The stock has a 50-day moving average price of $53.27 and a 200-day moving average price of $57.88. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.27 and a quick ratio of 4.57. The firm has a market cap of $5.43 billion, a PE ratio of 195.27 and a beta of 0.92. Cree has a 1 year low of $33.72 and a 1 year high of $69.21.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, August 20th. The LED producer reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.09). Cree had a positive return on equity of 1.23% and a negative net margin of 27.86%. The business had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $248.95 million. During the same period last year, the firm posted $0.11 EPS. Cree’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cree will post -0.2 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of CREE. Millennium Management LLC purchased a new stake in shares of Cree during the 4th quarter worth approximately $625,000. Geode Capital Management LLC raised its holdings in Cree by 9.9% during the 4th quarter. Geode Capital Management LLC now owns 1,158,960 shares of the LED producer’s stock valued at $49,574,000 after buying an additional 104,788 shares during the period. Strs Ohio raised its holdings in Cree by 10.8% during the 1st quarter. Strs Ohio now owns 17,500 shares of the LED producer’s stock valued at $1,001,000 after buying an additional 1,700 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Cree by 34.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,053 shares of the LED producer’s stock valued at $633,000 after buying an additional 2,836 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new stake in Cree during the 1st quarter valued at $389,000.
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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