Trade Report: The Zacks Investment Research lowers the Stock rating of Cree Inc. (CREE)

The Zacks Investment Research lowers the Stock rating of Cree Inc. (CREE)

Zacks Investment Research downgraded shares of Cree Inc. (NASDAQ:CREE) from a hold rating to a sell rating in a report issued on Monday.

According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “

A number of other analysts also recently commented on CREE. Deutsche Bank AG increased their price objective on shares of Cree from $23.00 to $26.00 and gave the company a hold rating in a report on Friday, July 15th. Canaccord Genuity reissued a hold rating and issued a $24.00 price target (up previously from $19.00) on shares of Cree in a research note on Sunday, July 17th. Needham & Company LLC reissued a hold rating on shares of Cree in a research note on Sunday, July 17th. Cowen and Company reissued a hold rating on shares of Cree in a research note on Sunday, July 17th. Finally, Goldman Sachs Group Inc. dropped their price target on shares of Cree from $20.00 to $18.00 and set a sell rating for the company in a research note on Wednesday, August 17th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $32.67.

Cree (NASDAQ:CREE) opened at 24.64 on Monday. The company has a 50-day moving average price of $24.71 and a 200 day moving average price of $25.21. Cree has a 52-week low of $22.10 and a 52-week high of $32.92. The stock’s market cap is $2.48 billion.

Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. The business earned $388.40 million during the quarter, compared to analyst estimates of $385.83 million. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.19) EPS. On average, analysts expect that Cree will post $0.56 earnings per share for the current year.

In other news, Director John B. Replogle acquired 5,000 shares of Cree stock in a transaction dated Thursday, August 18th. The shares were acquired at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the acquisition, the director now owns 35,123 shares of the company’s stock, valued at $819,419.59. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new position in Cree during the second quarter worth $143,000. LS Investment Advisors LLC raised its position in Cree by 68.6% in the second quarter. LS Investment Advisors LLC now owns 6,029 shares of the LED producer’s stock worth $147,000 after buying an additional 2,454 shares in the last quarter. Clean Yield Group raised its position in Cree by 12.1% in the second quarter. Clean Yield Group now owns 6,500 shares of the LED producer’s stock worth $159,000 after buying an additional 700 shares in the last quarter. Seven Eight Capital LLC raised its position in Cree by 17.6% in the second quarter. Seven Eight Capital LLC now owns 6,683 shares of the LED producer’s stock worth $163,000 after buying an additional 1,000 shares in the last quarter. Finally, Advisory Services Network LLC raised its position in Cree by 6.6% in the third quarter. Advisory Services Network LLC now owns 6,426 shares of the LED producer’s stock worth $165,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 83.26% of the company’s stock.

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.

Related posts

Leave a Comment