Coatue Management LLC decreased its position in Cree, Inc. (NASDAQ:CREE) by 53.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,262,221 shares of the LED producer’s stock after selling 2,554,118 shares during the quarter. Cree makes up 1.2% of Coatue Management LLC’s investment portfolio, making the stock its 25th largest position. Coatue Management LLC’s holdings in Cree were worth $133,901,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in CREE. Envestnet Asset Management Inc. increased its position in shares of Cree by 3.9% in the first quarter. Envestnet Asset Management Inc. now owns 52,423 shares of the LED producer’s stock valued at $1,859,000 after acquiring an additional 1,983 shares during the period. Synovus Financial Corp purchased a new position in shares of Cree in the first quarter valued at about $32,000. Dupont Capital Management Corp purchased a new position in shares of Cree in the first quarter valued at about $104,000. Public Employees Retirement Association of Colorado increased its position in shares of Cree by 3.7% in the first quarter. Public Employees Retirement Association of Colorado now owns 15,658 shares of the LED producer’s stock valued at $555,000 after acquiring an additional 563 shares during the period. Finally, Comerica Bank increased its position in shares of Cree by 0.6% during the first quarter. Comerica Bank now owns 63,048 shares of the LED producer’s stock valued at $2,398,000 after buying an additional 345 shares during the period.
Several equities analysts recently issued reports on the stock. Piper Sandler boosted their price target on shares of Cree from $46.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 19th. Wells Fargo & Co boosted their price target on shares of Cree from $45.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 19th. JMP Securities cut shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 19th. TheStreet upgraded shares of Cree from a “d+” rating to a “c-” rating in a research report on Tuesday, June 23rd. Finally, Morgan Stanley boosted their price target on shares of Cree from $68.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $65.25.
CREE traded down $0.39 during midday trading on Friday, reaching $60.77. The company’s stock had a trading volume of 1,268,160 shares, compared to its average volume of 1,348,330. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of -34.33 and a beta of 1.17. The company has a current ratio of 5.47, a quick ratio of 4.85 and a debt-to-equity ratio of 0.38. Cree, Inc. has a 1 year low of $27.77 and a 1 year high of $74.72. The stock’s 50-day moving average is $67.52 and its 200-day moving average is $52.23.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 18th. The LED producer reported ($0.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.01. The business had revenue of $205.70 million for the quarter, compared to analysts’ expectations of $198.57 million. Cree had a negative net margin of 21.21% and a negative return on equity of 5.04%. The business’s revenue was down 18.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.11 earnings per share. As a group, equities research analysts forecast that Cree, Inc. will post -1.06 earnings per share for the current fiscal year.
Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.
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