Cree (CREE) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Cree (NASDAQ:CREE) from a hold rating to a sell rating in a report published on Friday.

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. “

Several other equities analysts have also weighed in on CREE. KeyCorp reaffirmed a hold rating on shares of Cree in a research note on Monday, December 11th. TheStreet raised Cree from a d+ rating to a c- rating in a research note on Wednesday, September 27th. Northland Securities reaffirmed a hold rating and issued a $28.00 price objective on shares of Cree in a research note on Thursday, September 28th. BidaskClub lowered Cree from a hold rating to a sell rating in a research note on Wednesday, August 23rd. Finally, Bank of America reduced their price objective on Cree from $28.00 to $26.00 and set a neutral rating on the stock in a research note on Wednesday, August 23rd. Seven equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $27.50.

Cree (NASDAQ:CREE) opened at $39.63 on Friday. Cree has a 52 week low of $20.50 and a 52 week high of $40.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.61 and a current ratio of 4.82.

Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The company’s revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 EPS. sell-side analysts anticipate that Cree will post -0.27 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the business. Profund Advisors LLC increased its holdings in Cree by 0.3% during the 2nd quarter. Profund Advisors LLC now owns 33,127 shares of the LED producer’s stock worth $817,000 after purchasing an additional 102 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Cree by 0.8% during the 2nd quarter. D.A. Davidson & CO. now owns 42,003 shares of the LED producer’s stock worth $1,035,000 after purchasing an additional 317 shares during the last quarter. Arizona State Retirement System increased its holdings in Cree by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 41,000 shares of the LED producer’s stock worth $1,011,000 after purchasing an additional 500 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in Cree by 3.3% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 17,339 shares of the LED producer’s stock worth $424,000 after purchasing an additional 553 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Cree by 1.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 34,696 shares of the LED producer’s stock worth $855,000 after purchasing an additional 627 shares during the last quarter. Institutional investors own 98.96% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this article on another domain, it was copied illegally and reposted in violation of international copyright and trademark law. The correct version of this article can be accessed at https://sportsperspectives.com/2017/12/19/cree-cree-downgraded-to-sell-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Cree (CREE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Cree (NASDAQ:CREE)

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.

Latest News

Leave a Reply