Oppenheimer Holdings Weighs in on Cree, Inc.’s Q2 2018 Earnings (CREE)
Cree, Inc. (NASDAQ:CREE) – Analysts at Oppenheimer Holdings dropped their Q2 2018 EPS estimates for Cree in a research report issued on Wednesday. Oppenheimer Holdings analyst C. Rusch now expects that the LED producer will post earnings of ($0.10) per share for the quarter, down from their previous forecast of $0.02. Oppenheimer Holdings currently has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for Cree’s Q3 2018 earnings at ($0.11) EPS, Q4 2018 earnings at ($0.03) EPS, FY2018 earnings at ($0.27) EPS and FY2019 earnings at ($0.02) EPS.
Several other equities analysts also recently commented on the company. Roth Capital set a $35.00 price target on Cree and gave the company a “buy” rating in a report on Monday, October 16th. J P Morgan Chase & Co downgraded Cree from a “neutral” rating to an “underweight” rating and increased their price target for the company from $23.00 to $28.00 in a report on Friday, October 6th. Williams Capital downgraded Cree from a “hold” rating to a “sell” rating and set a $27.00 price target on the stock. in a report on Thursday. KeyCorp reiterated an “equal weight” rating and set a $21.00 price target on shares of Cree in a report on Friday, August 25th. Finally, Cowen and Company set a $22.00 price target on Cree and gave the company a “hold” rating in a report on Wednesday, August 23rd. Seven equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. Cree presently has a consensus rating of “Hold” and a consensus target price of $25.73.
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Cree (NASDAQ CREE) opened at 33.85 on Monday. Cree has a 52 week low of $20.50 and a 52 week high of $35.46. The stock’s market capitalization is $3.31 billion. The stock has a 50 day moving average of $27.41 and a 200 day moving average of $25.02.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $360.00 million during the quarter, compared to the consensus estimate of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 earnings per share.
Hedge funds and other institutional investors have recently modified their holdings of the business. GAM Holding AG bought a new position in shares of Cree during the second quarter valued at $104,000. Riverhead Capital Management LLC lifted its holdings in shares of Cree by 75.0% during the second quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after acquiring an additional 2,326 shares during the period. Strs Ohio bought a new position in shares of Cree during the second quarter valued at $140,000. LS Investment Advisors LLC lifted its holdings in shares of Cree by 17.9% during the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after acquiring an additional 1,160 shares during the period. Finally, Advisor Group Inc. lifted its holdings in shares of Cree by 11.5% during the second quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock valued at $197,000 after acquiring an additional 846 shares during the period. 91.16% of the stock is owned by institutional investors.
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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