Shares of the company are trading at $35.70 a great deal higher than the 50 day moving average of $29.13 and significantly higher than the 200 day moving average of $25.48. The 50 day moving average went up $6.57 or +22.56% and the 200 day average was up $10.22. Trading was heavy with 9,168K shares changing hands on Tuesday. Shares saw a steep increase in trading volume of 165.88% over the normal average daily volume.
Short traders are more bearish recently at least if you consider the motion in short interest. The firm had a rise in short interest of 3.98% between September 29, 2017 and October 13, 2017. Short interest increased 546,829 over that period. The short-interest ratio decreased to 9.0 and the percentage of shorted shares was 0.15% on October 13.
The following firms have recently changed their position in CREE. Nationwide Fund Advisors cut its position by shedding 1,105 shares a decrease of 0.5% as of 09/30/2017. Nationwide Fund Advisors controls 236,403 shares worth $6,664,000. The value of the position overall is up by 13.8%. As of quarter end Raymond James Financial Services Advisors, Inc. had disposed of a total of 2,336 shares trimming its holdings by 6.7%. The value in dollars increased from $855,000 to $912,000 a change of $57,000 since the last quarter.
As of the end of the quarter Aperio Group, LLC had sold 1,396 shares trimming its stake by 3.4%. The value of the total investment in Cree, Inc. went from $1,009,000 to $1,114,000 increasing 10.4% quarter to quarter. Simplex Trading, LLC trimmed its ownership by selling 5,448 shares a decrease of 45.2% from 06/30/2017 to 09/30/2017. Simplex Trading, LLC now controls 6,597 shares with a value of $185,000. The total value of its holdings decreased 37.5%.
On August 23 the stock rating was downgraded from “Equal-Weight” to “Underweight” in a report from Stephens & Co.. On October 6 the company was set at “Underweight” according to a JP Morgan report which is down from the previous “Neutral” rating.
October 18 investment analysts at Bank of America held the company rating at “Neutral” and moved up the price target from $26.00 to $32.00. On October 19, 2017 the stock rating was changed to “Sell” by Williams Capital down from the previous “Buy” rating.
In the latest earnings report the EPS was $-1.22 and is estimated to be $0.10 for the current year with 97,810,000 shares now outstanding. Analysts expect next quarter’s EPS will be $0.01 and the next full year EPS is anticipated to be $0.55.
Cree, Inc., launched on July 14, 1987, is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Business’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. The Company has three segments: Lighting Products, LED Products, and Power and RF Products. The Business’s Lighting Products segment offers LED lighting systems and bulbs. The Business’s LED Products segment offers LED components, LED chips and silicon carbide (SiC) materials. The Business’s Power and RF Products segment offers power devices and RF devices..