Cree Inc. (NASDAQ:CREE) shares saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 2,082,396 shares changed hands during mid-day trading, an increase of 155% from the previous session’s volume of 816,177 shares.The stock last traded at $25.20 and had previously closed at $24.80.
The LED producer reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.04. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%.
A number of research firms have recently weighed in on CREE. Deutsche Bank AG increased their target price on shares of Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, July 15th. 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. Canaccord Genuity reissued a “hold” rating and issued a $24.00 price target (up from $19.00) on shares of Cree in a research note on Sunday, July 17th. Finally, Northland Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 17th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $32.67.
In related news, Director John B. Replogle bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The shares were bought at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the completion of the acquisition, the director now owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Cree by 2.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 35,144 shares of the LED producer’s stock valued at $904,000 after buying an additional 692 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Cree by 6.6% in the third quarter. Advisory Services Network LLC now owns 6,426 shares of the LED producer’s stock valued at $165,000 after buying an additional 400 shares in the last quarter. Eqis Capital Management Inc. boosted its stake in shares of Cree by 2.1% in the third quarter. Eqis Capital Management Inc. now owns 22,695 shares of the LED producer’s stock valued at $584,000 after buying an additional 461 shares in the last quarter. Mason Street Advisors LLC bought a new stake in shares of Cree during the second quarter valued at about $1,119,000. Finally, Royal Bank of Canada boosted its stake in shares of Cree by 581.8% in the second quarter. Royal Bank of Canada now owns 98,212 shares of the LED producer’s stock valued at $2,401,000 after buying an additional 83,807 shares in the last quarter. Institutional investors own 83.24% of the company’s stock.
The company’s market cap is $2.54 billion. The stock has a 50 day moving average of $24.76 and a 200 day moving average of $25.08.
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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