Home Analyst Ratings Cree Stock Gets a Downgrade from JP Morgan. It's Now Neutral

Cree Stock Gets a Downgrade from JP Morgan. It’s Now Neutral

JP Morgan took its Cree [CREE] rating to the equivalent of Neutral, and the price target to 108.0, in a ‎research note dated 2021-01-05. That figure represents around a 0.94% premium from where the ‎company’s shares closed on Monday. Other analysts also revised their coverage, with JP Morgan’s ‎analysts upgrading the shares from “a Neutral” rating to “an Overweight” rating in a research note to ‎investors issued in mid November. Meanwhile, JP Morgan had raised its rating on CREE to “an ‎Overweight” from the earlier “Neutral”, in a research note produced for clients November 19, 2020. In ‎addition, there was a downgrade from ROTH Capital on August 19, 2020. The rater changed CREE from ‎‎”a Buy” to “a Neutral”.

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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 Weakening. The stock current average is 1.88 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 1.6 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 1.38 ‎million shares.

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CREE Price Performance

On Wall Street, Cree Inc. [NASDAQ:CREE] finished ‎Monday’s session up 1.03% at $106.99. The stock went up to $116.49 at the same session while its ‎lowest single day price was $105.72. In the last five days, it saw a rise of about 3.77%, Cree Inc. shares ‎gained by almost 1.03% since the beginning of the year. However, the share price has dropped to as ‎low as -2.00% below its one year high. On 01/04/21, the company shares recorded $116.49, the highest ‎single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same ‎year at $105.72. The company’s shares have inclined by 134.68% in the past year. The 50-day SMA ‎achieved is $84.09 while the 200-day SMA is $63.59. Volume gained to 2.72 million from 1.54 million in ‎the previous session.

CREE Stock Support And Resistance Levels

On the 24-hour scale, the ‎immediate backing is perceived around 102.98 level, and in case of violation of this particular level, it ‎will cause more drop to 98.96 level. On the upper level, 120.50 is still the key resistance. The stock may ‎increase to the subsequent resistance at 113.75. The Relative Strength Index (RSI) pinned on the 14-‎day chart is 68.15, implying a neutral technical stance while the MACD stands at 6.22, meaning price will ‎increase in the next trading period. Percent R indicator moved to 36.19%, implying low price ‎movement. Stochastic %K at 76.42% 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 $647020848.11. 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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