Cree (CREE) Releases Q3 Earnings Guidance

Cree (NASDAQ:CREE) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of ($0.03)-$0.03 for the period, compared to the Thomson Reuters consensus estimate of $0.00. The company issued revenue guidance of $335-355 million, compared to the consensus revenue estimate of $340.73 million.

A number of research firms have commented on CREE. TheStreet upgraded Cree from a d+ rating to a c- rating in a research report on Wednesday, September 27th. Roth Capital downgraded Cree from a buy rating to a neutral rating and set a $35.00 target price on the stock. in a research report on Tuesday. Tigress Financial downgraded Cree from a strong-buy rating to a neutral rating in a research report on Tuesday. Oppenheimer restated a hold rating on shares of Cree in a research report on Wednesday, October 18th. Finally, Piper Jaffray Companies began coverage on Cree in a research report on Wednesday, December 20th. They issued a neutral rating and a $37.00 target price on the stock. Eight equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $28.18.

Cree (NASDAQ:CREE) traded down $1.67 during mid-day trading on Tuesday, hitting $35.02. The company had a trading volume of 3,020,000 shares, compared to its average volume of 1,100,000. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.82 and a quick ratio of 3.61. The stock has a market cap of $3,440.00, a P/E ratio of -28.70 and a beta of 1.26. Cree has a 52-week low of $20.50 and a 52-week high of $40.24.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Monday, January 22nd. The LED producer reported ($0.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). The firm had revenue of $367.87 million during the quarter, compared to analysts’ expectations of $349.62 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. Cree’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. sell-side analysts expect that Cree will post -0.27 EPS for the current fiscal year.

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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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