Stock Traders Purchase High Volume of Cree Call Options (CREE)

Cree, Inc. (NASDAQ:CREE) was the target of some unusual options trading on Monday. Investors acquired 11,585 call options on the stock. This is an increase of 668% compared to the typical volume of 1,508 call options.

Several equities analysts have weighed in on CREE shares. ValuEngine raised Cree from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Deutsche Bank set a $45.00 price objective on Cree and gave the company a “buy” rating in a report on Tuesday, December 12th. Bank of America reduced their price objective on Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, August 23rd. Zacks Investment Research lowered Cree from a “hold” rating to a “sell” rating in a report on Friday, December 15th. Finally, Canaccord Genuity reissued a “hold” rating and set a $23.00 price objective on shares of Cree in a report on Wednesday, August 23rd. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $27.50.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CREE. BlackRock Inc. grew its stake in shares of Cree by 26.8% during the second quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after buying an additional 2,164,847 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cree by 3.0% during the second quarter. Vanguard Group Inc. now owns 8,226,854 shares of the LED producer’s stock valued at $202,792,000 after buying an additional 236,090 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cree by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 8,220,052 shares of the LED producer’s stock valued at $231,723,000 after buying an additional 435,401 shares during the last quarter. Fairpointe Capital LLC grew its stake in shares of Cree by 8.8% during the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after buying an additional 492,465 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Cree by 24.2% during the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after buying an additional 717,698 shares during the last quarter. Institutional investors and hedge funds own 98.74% of the company’s stock.

Shares of Cree (NASDAQ:CREE) opened at $37.73 on Thursday. The company has a current ratio of 4.82, a quick ratio of 3.61 and a debt-to-equity ratio of 0.06. Cree has a 12-month low of $20.50 and a 12-month high of $40.24.

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

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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.

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