|Computer generated stuff on CREE today--why its tanking in pre-market.|
Cree Cut to Sell at Goldman Sachs (CREE)
November 6th, 2015 - 0 comments - Filed Under - by Faye Duncan
Cree (NASDAQ:CREE) was downgraded by analysts at Goldman Sachs from a “neutral” rating to a “sell” rating in a report released on Thursday, The Fly reports. A number of other analysts have also issued reports on the company. Stephens restated an “overweight” rating and set a $45.00 target price on shares of Cree in a report on Wednesday, October 21st. Zacks raised Cree from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Wednesday, October 21st. Canaccord Genuity reissued a “hold” rating and issued a $28.00 target price (up from $21.00) on shares of Cree in a research report on Wednesday, October 21st. Northland Securities reaffirmed a “market perform” rating on shares of Cree in a research report on Thursday, October 15th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $30.00 target price on shares of Cree in a research note on Tuesday, August 11th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $29.67.
In related news, Director Anne Clem Whitaker sold 1,994 shares of Cree stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $26.74, for a total value of $53,319.56. Following the completion of the sale, the director now owns 14,248 shares in the company, valued at approximately $380,991.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Cree ( NASDAQ:CREE) traded up 0.22% during midday trading on Thursday, reaching $27.02. The company’s stock had a trading volume of 1,077,354 shares. The firm’s market cap is $2.80 billion. The company’s 50-day moving average is $25.21 and its 200 day moving average is $27.34. Cree has a 12-month low of $23.11 and a 12-month high of $39.81.
Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, October 20th. The LED producer reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The firm earned $425.50 million during the quarter, compared to analysts’ expectations of $418.67 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s revenue for the quarter was down .5% on a year-over-year basis. Equities analysts forecast that Cree will post $1.00 earnings per share for the current year.