Goldman Sachs maintains Cree Inc. [CREE]’s rating to Neutral and price target at $77

Goldman Sachs maintained its Cree Inc. [NASDAQ:CREE] ‎rating to the equivalent of Neutral but ‎changed the price target ‎to $77 ‎from $67, in a research note dated December 29, 2020. Other analysts ‎also revised their coverage, with Morgan Stanley’s analysts downgrading the shares ‎from “an ‎Overweight” rating to “an Equal-weight” rating in a research note to investors issued in ‎early ‎December. Meanwhile, JP Morgan had raised its rating on CREE to “an Overweight” from the ‎earlier ‎‎”Neutral”, in a research note produced for clients November 20, 2020. In addition, there was ‎an ‎upgrade from JP Morgan on November 19, 2020. The rater changed CREE from “a Neutral” to ‎‎”an ‎Overweight”.

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Is Cree Inc. [NASDAQ:CREE] a Good Buy Right Now?

It should be noted that CREE ‎technical ‎indicators for short, intermediate as well as long term progress have placed an overall ‎average of 100% ‎as Buy. The average signal changed from 100% Buy in the last week and compares ‎with 100% Buy in the ‎past month. Data from Cree Inc.’s Trend Spotter indicated that the signals were ‎Weakest. The stock ‎current average is 1.79 million shares in the past 20 days and the short term ‎average signal indicates a ‎‎100% Buy. In the last 50 days, the average trading volume was 1.55 million ‎shares while the medium ‎term average advocated for 100% Buy. The average long-term signal stands ‎at 100% Buy and the 100-‎day average volume stands at 1.34 million shares.‎‎

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CREE Price Performance

On Wall Street, Cree Inc. [NASDAQ:CREE] finished ‎Monday’s ‎session down -2.02% at $101.02. The stock went up to $105.93 at the same session while its ‎lowest ‎single day price was $100.5012. In the last five days, it saw a rise of about 3.38%, Cree Inc. ‎shares ‎gained by almost 118.89% since the beginning of the year. However, the share price has ‎dropped to as ‎low as -4.67% below its one year high. On 12/23/20, the company shares recorded ‎‎$105.97, the highest ‎single-day price it has got to in the last 52-weeks and a 52-week low was seen on ‎‎03/17/20, the same ‎year at $27.77. The company’s shares have inclined by 115.35% in the past year. ‎The 50-day SMA ‎achieved is $81.60 while the 200-day SMA is $62.21. Volume gained to 1.29 million ‎from 1.19 million in ‎the previous session.‎‎

CREE Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing ‎is ‎perceived around 99.04 level, and in case of violation of this particular level, it will cause more drop ‎to ‎‎97.05 level. On the upper level, 107.91 is still the key resistance. The stock may increase to ‎the ‎subsequent resistance at 104.47. The Relative Strength Index (RSI) pinned on the 14-day chart is ‎‎65.24, ‎implying a neutral technical stance while the MACD stands at 5.77, meaning price will increase in ‎the ‎next trading period. Percent R indicator moved to 31.46%, implying low price movement. ‎Stochastic %K ‎at 77.35% suggest selling the stock.‎‎

What is the short interest in Cree Inc.?

Short interest in the Cree Inc. stock has ‎plunged, ‎decreasing by -1.03 million shares to total 13.5 million shares on Dec 14, 2020. The interest ‎had seen ‎shares on Nov 12, 2020 stand at 12.47 million, data from Yahoo Finance shows. The increase ‎of 7.63% ‎suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ‎ratio) ‎moved to while the shorted shares account for just 13.86% of the overall float for the stock.‎‎

Cree Inc.’s Biggest Shareholders: Who Owns Cree Inc. [CREE]?

Filings by Capital Research ‎& ‎Management Co showed that the firm now holds a total of 13,435,964 shares or roughly 12.18% of ‎the ‎outstanding CREE shares. This means their shares have increased by 330,746 from the 13,435,964 ‎the ‎investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The ‎Vanguard ‎Group, Inc. updated stake is worth $881,698,047. Details in the latest 13F filings reveal that ‎BlackRock ‎Fund Advisors disposed off their -2.23% stake valued at $786,420,027 while ClearBridge ‎Investments ‎LLC cut theirs at $756,510,247. During the last quarter, BlackRock Fund Advisors liquidated ‎‎-198,221 of ‎its shares in Cree Inc. while ClearBridge Investments LLC sold -340,721 shares. The ‎PRIMECAP ‎Management Co.’s holdings currently number 6,047,489 shares at $610917338.78. According ‎to the ‎firm’s last 13F report, Capital Research & Management Co shares in the company at filing stood ‎at ‎‎5,646,653 shares, roughly $510,400,965.‎‎

CREE Earnings Forecast For The Current Quarter

Cree Inc. [CREE] is expected to report ‎weak ‎earnings results for the quarter ending on Dec 2020. Consensus estimates give the company ‎expected ‎revenues of $121.6M and an earnings per share of -$0.25 for Dec 2020. Looking further ‎ahead, the ‎company is expected to report revenue of $128.54M at an EPS of -$0.2 for Mar 2021. The ‎estimates ‎represent downside of 10.30% and 61.50% in the company’s revenue and earnings per ‎share, ‎respectively, on a year-on-year basis.‎‎

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CREE Earnings Estimates For The ‎Current ‎Year

For the financial year, Cree Inc. [NASDAQ:CREE] is expected to bring in revenue ‎of ‎‎$633.92M. The returns are nearly $-269.98 million lower than the company’s actual revenue ‎recorded ‎in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at -0.78, lower than that of ‎FY20 by -‎‎$0.33. Estimates put this year’s earnings growth at -73.30%, 61.50% for the next, and at an ‎annual -‎‎20.64% over the next 5-year period. As for sales, forecasts are for a decrease of -29.90% in the ‎current ‎fiscal year and a further 10.30% over the following year.‎

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