Cree, Inc. (NASDAQ:CREE) fell 15.8% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $48.24 and last traded at $49.01, 12,069,933 shares traded hands during mid-day trading. An increase of 717% from the average session volume of 1,477,228 shares. The stock had previously closed at $58.24.

The LED producer reported $0.11 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.09). The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $248.95 million. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. Cree’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 EPS.

Several equities research analysts have recently issued reports on CREE shares. Oppenheimer lowered shares of Cree from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $58.00 to $64.78 in a report on Thursday, May 2nd. CIBC restated a “market perform” rating on shares of Cree in a report on Thursday, May 2nd. Cowen set a $55.00 target price on shares of Cree and gave the stock a “hold” rating in a report on Thursday, May 2nd. JMP Securities lowered shares of Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday. Finally, Canaccord Genuity reiterated a “buy” rating and set a $72.00 price objective (down previously from $78.00) on shares of Cree in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $60.07.

A number of hedge funds and other institutional investors have recently made changes to their positions in CREE. Meridian Wealth Management LLC acquired a new position in shares of Cree in the 1st quarter valued at $30,000. Quadrant Capital Group LLC lifted its stake in shares of Cree by 501.1% in the 1st quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock valued at $29,000 after purchasing an additional 451 shares during the period. James Investment Research Inc. acquired a new position in Cree during the first quarter worth $33,000. Point72 Hong Kong Ltd acquired a new position in Cree during the second quarter worth $36,000. Finally, Penserra Capital Management LLC raised its position in Cree by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,008 shares of the LED producer’s stock worth $57,000 after acquiring an additional 336 shares during the period.

The company has a quick ratio of 3.97, a current ratio of 4.48 and a debt-to-equity ratio of 0.22. The stock’s 50-day simple moving average is $59.67 and its two-hundred day simple moving average is $58.57. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of -326.73, a PEG ratio of 6.18 and a beta of 0.78.

About Cree (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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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