Eqis Capital Management Inc. lessened its stake in shares of Cree, Inc. (NASDAQ:CREE) by 31.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,571 shares of the LED producer’s stock after selling 9,490 shares during the period. Eqis Capital Management Inc.’s holdings in Cree were worth $580,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of CREE. GAM Holding AG bought a new position in Cree during the 2nd quarter worth $104,000. Riverhead Capital Management LLC increased its stake in Cree by 75.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock worth $134,000 after acquiring an additional 2,326 shares during the period. Strs Ohio bought a new position in Cree during the 2nd quarter worth $140,000. LS Investment Advisors LLC increased its stake in Cree by 17.9% during the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after acquiring an additional 1,160 shares during the period. Finally, Advisor Group Inc. increased its stake in Cree by 11.5% during the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after acquiring an additional 846 shares during the period. Hedge funds and other institutional investors own 91.16% of the company’s stock.
Shares of Cree, Inc. (NASDAQ CREE) opened at 33.85 on Monday. The company’s 50 day moving average price is $27.41 and its 200 day moving average price is $25.02. The firm’s market cap is $3.31 billion. Cree, Inc. has a 12-month low of $20.50 and a 12-month high of $35.46.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. The business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Equities research analysts forecast that Cree, Inc. will post $0.13 EPS for the current year.
A number of equities research analysts have weighed in on the company. ValuEngine raised Cree from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Bank of America Corporation reduced their target price on Cree from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, August 23rd. BidaskClub raised Cree from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Canaccord Genuity reaffirmed a “hold” rating and issued a $23.00 target price on shares of Cree in a report on Wednesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $22.00 target price (down previously from $24.00) on shares of Cree in a report on Wednesday, August 23rd. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Cree presently has an average rating of “Hold” and an average price target of $25.73.
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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