Cree (CREE) Shares Gap Down to $39.63

Cree, Inc. (NASDAQ:CREE) gapped down prior to trading on Tuesday . The stock had previously closed at $41.81, but opened at $39.63. Cree shares last traded at $37.63, with a volume of 2705082 shares trading hands.

Several equities research analysts have weighed in on CREE shares. Roth Capital set a $35.00 price objective on shares of Cree and gave the company a “buy” rating in a research report on Monday, October 16th. Goldman Sachs Group set a $19.00 price target on shares of Cree and gave the stock a “sell” rating in a research report on Wednesday, October 18th. 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. Northland Securities reiterated a “hold” rating and set a $28.00 price target on shares of Cree in a research report on Thursday, September 28th. Finally, JMP Securities set a $41.00 price target on shares of Cree and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.18.

The company has a debt-to-equity ratio of 0.06, a current ratio of 4.82 and a quick ratio of 3.61.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate 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 analysts’ expectations of $360.01 million. During the same quarter in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. equities analysts predict that Cree, Inc. will post -0.27 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in CREE. GAM Holding AG bought a new stake in shares of Cree in the second quarter worth $104,000. Riverhead Capital Management LLC lifted its position in shares of Cree by 75.0% in the second quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after purchasing an additional 2,326 shares in the last quarter. Strs Ohio bought a new stake in shares of Cree in the second quarter worth $140,000. Advisor Group Inc. lifted its position in shares of Cree by 11.5% in the second quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after purchasing an additional 846 shares in the last quarter. Finally, Garner Asset Management Corp bought a new stake in Cree during the third quarter worth $204,000. 98.74% of the stock is currently owned by institutional investors and hedge funds.

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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.

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