Cree, Inc. (CREE) Announces Quarterly Earnings Results
Cree, Inc. (NASDAQ:CREE) released its quarterly earnings data on Tuesday. The LED producer reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04, RTT News reports. The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. Cree updated its Q2 guidance to ($0.01)-$0.04 EPS.
Cree (NASDAQ:CREE) traded up 0.20% during mid-day trading on Tuesday, hitting $29.34. The company’s stock had a trading volume of 2,047,611 shares. Cree has a 12-month low of $20.50 and a 12-month high of $31.64. The firm’s 50-day moving average is $26.28 and its 200-day moving average is $24.80. The company’s market cap is $2.86 billion.
A number of research analysts have recently commented on CREE shares. ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Roth Capital restated a “buy” rating and issued a $29.00 target price (up previously from $27.00) on shares of Cree in a research note on Tuesday, June 20th. Bank of America Corporation lowered their target price on Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, August 23rd. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Canaccord Genuity restated a “hold” rating and issued a $23.00 target price on shares of Cree in a research note on Wednesday, August 23rd. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. Cree currently has a consensus rating of “Hold” and a consensus target price of $24.04.
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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