Cree, Inc. (CREE) Expected to Post Earnings of -$0.09 Per Share
Analysts expect Cree, Inc. (NASDAQ:CREE) to announce earnings per share of ($0.09) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Cree’s earnings. Cree posted earnings per share of $0.06 in the same quarter last year, which would suggest a negative year-over-year growth rate of 250%. The business is expected to issue its next quarterly earnings report after the market closes on Tuesday, August 22nd.
On average, analysts expect that Cree will report full-year earnings of $0.03 per share for the current year. For the next year, analysts forecast that the business will post earnings of $0.20 per share. Zacks’ earnings per share averages are a mean average based on a survey of research firms that follow Cree.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.20. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The company had revenue of $341.51 million during the quarter, compared to analysts’ expectations of $339.41 million. During the same quarter last year, the business earned $0.17 earnings per share. The business’s quarterly revenue was down 6.9% on a year-over-year basis.
CREE has been the topic of a number of research analyst reports. Roth Capital restated a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Cree in a research note on Tuesday, June 20th. Canaccord Genuity reaffirmed a “hold” rating and issued a $23.00 price target on shares of Cree in a research report on Friday, April 21st. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $24.00 price target (down previously from $28.00) on shares of Cree in a research report on Saturday, April 29th. Finally, Cowen and Company reaffirmed a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $25.00.
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Shares of Cree (NASDAQ:CREE) traded down 0.83% during mid-day trading on Thursday, reaching $26.29. 746,229 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $25.30 and a 200 day moving average price of $25.54. Cree has a 12-month low of $20.75 and a 12-month high of $31.64. The firm’s market capitalization is $2.56 billion.
Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in Cree during the first quarter worth $134,000. Strs Ohio acquired a new stake in Cree during the second quarter worth $140,000. LS Investment Advisors LLC raised its stake in Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after buying an additional 1,160 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Cree during the first quarter worth $249,000. Finally, Wrapmanager Inc. raised its stake in Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock worth $287,000 after buying an additional 988 shares during the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’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.
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