Cree (CREE) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Cree (NASDAQ:CREE) posted its quarterly earnings results on Tuesday. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.01, American Banking & Market News reports. The company had revenue of $436.30 million for the quarter, compared to the consensus estimate of $444.11 million.
Shares of Cree (NASDAQ:CREE) traded down 0.99% during mid-day trading on Tuesday, hitting $49.20. The stock had a trading volume of 3,268,615 shares. Cree has a 1-year low of $44.52 and a 1-year high of $76.00. The stock’s 50-day moving average is $49.01 and its 200-day moving average is $53.08. The company has a market cap of $5.955 billion and a P/E ratio of 49.30. Cree also was the target of unusually large options trading activity on Monday. Stock investors acquired 20,276 call options on the company. This represents an increase of 392% compared to the typical daily volume of 4,119 call options.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cree in a research note on Wednesday, July 23rd. They now have a $62.00 price target on the stock, up previously from $61.00. On the ratings front, analysts at Oppenheimer upgraded shares of Cree from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 3rd. They now have a $59.00 price target on the stock, up previously from $50.31. Finally, analysts at Needham & Company LLC cut their price target on shares of Cree from $64.00 to $59.00 in a research note on Thursday, June 5th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $63.12.
Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.
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