Cree, Inc. (NASDAQ:CREE) Expected to Announce Earnings of -$0.10 Per Share

Wall Street analysts expect Cree, Inc. (NASDAQ:CREE) to announce earnings per share (EPS) of ($0.10) for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Cree’s earnings, with estimates ranging from ($0.11) to ($0.09). Cree reported earnings per share of $0.23 during the same quarter last year, which would suggest a negative year-over-year growth rate of 143.5%. The firm is expected to report its next quarterly earnings results on Wednesday, January 29th.

According to Zacks, analysts expect that Cree will report full year earnings of ($0.26) per share for the current financial year, with EPS estimates ranging from ($0.39) to ($0.09). For the next financial year, analysts expect that the business will post earnings of $0.49 per share, with EPS estimates ranging from ($0.03) to $0.95. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. The firm had revenue of $242.80 million for the quarter, compared to analyst estimates of $239.48 million. During the same quarter in the prior year, the company earned $0.22 EPS. Cree’s revenue was down 11.5% on a year-over-year basis.

A number of equities research analysts have recently commented on CREE shares. Roth Capital lowered their price target on shares of Cree from $67.00 to $61.00 in a report on Thursday, October 31st. Piper Jaffray Companies cut Cree from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $57.00 to $38.00 in a report on Monday, August 26th. BidaskClub downgraded Cree from a “hold” rating to a “sell” rating in a research report on Saturday, November 30th. Canaccord Genuity reiterated a “buy” rating and issued a $57.00 target price on shares of Cree in a research note on Thursday, November 21st. Finally, Zacks Investment Research downgraded shares of Cree from a “hold” rating to a “sell” rating and set a $53.00 price objective for the company. in a research note on Monday, November 18th. Five analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $53.07.

Cree stock traded up $0.15 during midday trading on Thursday, reaching $43.65. 691,007 shares of the company were exchanged, compared to its average volume of 1,518,694. The firm’s 50-day simple moving average is $46.56 and its 200-day simple moving average is $52.64. Cree has a 1 year low of $38.67 and a 1 year high of $69.21. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 121.25 and a beta of 0.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.82 and a current ratio of 5.57.

In other Cree news, Director Duy Loan T. Le purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was purchased at an average cost of $45.87 per share, with a total value of $91,740.00. Following the transaction, the director now owns 13,659 shares in the company, valued at $626,538.33. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.

A number of large investors have recently modified their holdings of CREE. Nuveen Asset Management LLC bought a new position in Cree during the 2nd quarter worth approximately $134,889,000. Invesco Ltd. raised its stake in Cree by 566.5% during the second quarter. Invesco Ltd. now owns 1,816,237 shares of the LED producer’s stock worth $102,036,000 after purchasing an additional 1,543,719 shares during the period. Whale Rock Capital Management LLC acquired a new position in shares of Cree in the 2nd quarter valued at $51,222,000. Victory Capital Management Inc. acquired a new position in shares of Cree in the 2nd quarter valued at $44,724,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cree during the 2nd quarter valued at $27,036,000. 97.44% of the stock is owned by institutional investors.

Cree Company Profile

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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