Cree, Inc. (NASDAQ:CREE) Issues Quarterly Earnings Results, Meets Estimates

Cree, Inc. (NASDAQ:CREE) posted its quarterly earnings data on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.04, Bloomberg Earnings reports. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The company had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. During the same quarter in the previous year, the business earned $0.09 EPS. Cree’s revenue was down 3.0% compared to the same quarter last year. Cree updated its Q2 guidance to ($0.01)-$0.04 EPS.

Shares of Cree (NASDAQ:CREE) traded up 0.92% during trading on Thursday, reaching $32.82. The company’s stock had a trading volume of 1,348,235 shares. The firm’s market capitalization is $3.21 billion. Cree has a 52 week low of $20.50 and a 52 week high of $35.46. The company has a 50 day moving average price of $28.07 and a 200 day moving average price of $25.21.

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A number of research firms recently issued reports on CREE. Roth Capital set a $35.00 target price on Cree and gave the company a “buy” rating in a research report on Monday, October 16th. J P Morgan Chase & Co lowered Cree from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $23.00 to $28.00 in a research report on Friday, October 6th. Williams Capital lowered Cree from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a research report on Thursday, October 19th. KeyCorp reissued an “equal weight” rating and issued a $21.00 price target on shares of Cree in a research report on Friday, August 25th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Cree in a research report on Wednesday, October 18th. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. Cree currently has an average rating of “Hold” and a consensus price target of $25.73.

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.

Earnings History for Cree (NASDAQ:CREE)

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