HighTower Advisors LLC Has $850,000 Stock Position in Cree, Inc. (NASDAQ:CREE)

HighTower Advisors LLC increased its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,702 shares of the LED producer’s stock after acquiring an additional 473 shares during the quarter. HighTower Advisors LLC’s holdings in Cree were worth $850,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CREE. Capital International Investors increased its holdings in shares of Cree by 17.2% during the 1st quarter. Capital International Investors now owns 9,663,314 shares of the LED producer’s stock worth $1,044,894,000 after acquiring an additional 1,414,992 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Cree by 36.7% during the 2nd quarter. Alliancebernstein L.P. now owns 2,558,203 shares of the LED producer’s stock worth $250,525,000 after acquiring an additional 686,269 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Cree by 122.3% during the 1st quarter. Principal Financial Group Inc. now owns 740,523 shares of the LED producer’s stock worth $80,072,000 after acquiring an additional 407,464 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Cree by 41.9% during the 2nd quarter. American Century Companies Inc. now owns 837,559 shares of the LED producer’s stock worth $82,022,000 after acquiring an additional 247,292 shares during the last quarter. Finally, Ensign Peak Advisors Inc increased its holdings in shares of Cree by 274.2% during the 1st quarter. Ensign Peak Advisors Inc now owns 330,952 shares of the LED producer’s stock worth $35,785,000 after acquiring an additional 242,516 shares during the last quarter.

NASDAQ:CREE opened at $83.93 on Tuesday. The stock has a fifty day moving average price of $88.64 and a 200-day moving average price of $97.05. The company has a market cap of $9.73 billion, a price-to-earnings ratio of -17.97 and a beta of 1.44. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.92 and a current ratio of 3.29. Cree, Inc. has a fifty-two week low of $56.39 and a fifty-two week high of $129.90.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Monday, August 16th. The LED producer reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.01. Cree had a negative return on equity of 7.29% and a negative net margin of 83.60%. The business had revenue of $145.80 million during the quarter, compared to the consensus estimate of $144.81 million. During the same period in the prior year, the company earned ($0.18) EPS. Cree’s revenue for the quarter was up 34.5% on a year-over-year basis. Research analysts predict that Cree, Inc. will post -1.42 EPS for the current fiscal year.

A number of research firms recently weighed in on CREE. BMO Capital Markets decreased their target price on Cree from $110.00 to $80.00 and set a “market perform” rating on the stock in a report on Wednesday, August 18th. Piper Sandler reduced their price target on Cree from $110.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, August 18th. Canaccord Genuity boosted their price target on Cree from $132.00 to $136.00 and gave the company a “buy” rating in a research note on Wednesday, August 18th. Cowen reduced their price target on Cree from $150.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, August 16th. Finally, Wells Fargo & Company reduced their price target on Cree from $115.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $106.50.

Cree Company Profile

Cree, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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