Shares of Cree, Inc. (NASDAQ:CREE) gapped down prior to trading on Thursday . The stock had previously closed at $44.03, but opened at $46.34. Cree shares last traded at $45.36, with a volume of 53874 shares trading hands.

Several research firms recently issued reports on CREE. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Saturday. TheStreet raised shares of Cree from a “c” rating to a “b-” rating in a research report on Wednesday. Roth Capital set a $50.00 price target on shares of Cree and gave the company a “hold” rating in a research report on Wednesday. BidaskClub downgraded shares of Cree from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Canaccord Genuity set a $60.00 price target on shares of Cree and gave the company a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $40.66.

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.46 and a current ratio of 3.74. The firm has a market capitalization of $5.07 billion, a PE ratio of 239.21 and a beta of 0.71.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 14th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.03. The firm had revenue of $409.45 million for the quarter, compared to the consensus estimate of $399.69 million. Cree had a negative net margin of 17.50% and a negative return on equity of 1.10%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS. analysts predict that Cree, Inc. will post -0.23 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of CREE. Pendal Group Ltd purchased a new position in Cree during the 2nd quarter worth $94,150,000. Iridian Asset Management LLC CT boosted its holdings in Cree by 113.3% during the 1st quarter. Iridian Asset Management LLC CT now owns 3,061,229 shares of the LED producer’s stock worth $123,398,000 after acquiring an additional 1,625,772 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in Cree by 245.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock worth $90,949,000 after acquiring an additional 1,554,250 shares during the last quarter. Robecosam AG boosted its holdings in Cree by 172.4% during the 1st quarter. Robecosam AG now owns 1,406,300 shares of the LED producer’s stock worth $56,688,000 after acquiring an additional 890,000 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in Cree by 236.3% during the 1st quarter. Allianz Asset Management GmbH now owns 1,125,921 shares of the LED producer’s stock worth $45,386,000 after acquiring an additional 791,139 shares during the last quarter.

Cree Company Profile (NASDAQ:CREE)

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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.

Read More: Short Selling – Explanation For Shorting Stocks

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.