Cree (CREE) was Initiated by Pacific Crest to “Sector Weight”. Pacific Crest advised their investors in a research report released on May 13, 2016.
Many Wall Street Analysts have commented on Cree. Shares were Reiterated by Deutsche Bank on Apr 7, 2016 to “Hold” and Lowered the Price Target to $ 23 from a previous price target of $27 .Shares were Reiterated by Canaccord Genuity on Apr 6, 2016 to “Hold” and Lowered the Price Target to $ 24 from a previous price target of $26 .Cree was Upgraded by Piper Jaffray to ” Overweight” on Feb 22, 2016.
On the company’s financial health, Cree reported $0.17 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.14. The company had revenue of $366.90 million for the quarter, compared to analysts expectations of $366.88 million. The company’s revenue was down -10.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.
Cree opened for trading at $23.14 and hit $23.3 on the upside on Tuesday, eventually ending the session at $23.21, with a gain of 0.26% or 0.06 points. The heightened volatility saw the trading volume jump to 9,20,672 shares. Company has a market cap of $2,331 M.
In a different news, on Feb 18, 2016, Anne Clem Whitaker (director) sold 623 shares at $30.00 per share price. According to the SEC, on Dec 3, 2015, Robert Alexander Ingram (director) sold 3,750 shares at $27.67 per share price. On Nov 17, 2015, John B Replogle (director) purchased 5,000 shares at $23.30 per share price, according to the Form-4 filing with the securities and exchange commission.
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. The Company has three segments: Lighting Products LED Products and Power and RF Products. The Company’s Lighting Products segment offers LED lighting systems and bulbs. The Company’s LED Products segment offers LED components LED chips and silicon carbide (SiC) materials. The Company’s Power and RF Products segment offers power devices and RF devices. The Company designs manufactures and markets lighting systems for indoor and outdoor applications with a focus on LED lighting systems for the commercial industrial and consumer markets.