Cree, Inc. (NASDAQ:CREE) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $34.16, but opened at $35.02. Cree shares last traded at $35.02, with a volume of 3045169 shares traded.
The LED producer reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The company had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $349.62 million. During the same quarter last year, the company earned $0.30 EPS. Cree’s revenue for the quarter was down 8.3% compared to the same quarter last year.
CREE has been the topic of several recent research reports. Deutsche Bank set a $45.00 price target on Cree and gave the stock a “buy” rating in a report on Tuesday, December 12th. Tigress Financial downgraded Cree from a “strong-buy” rating to a “neutral” rating in a report on Tuesday. Zacks Investment Research downgraded Cree from a “hold” rating to a “sell” rating in a report on Friday, December 15th. Bank of America upped their price target on Cree from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 18th. Finally, JMP Securities set a $41.00 price objective on Cree and gave the company a “buy” rating in a report on Wednesday, October 18th. Eight research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $28.18.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CREE. Riverhead Capital Management LLC increased its holdings in shares of Cree by 75.0% in the 2nd 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 last quarter. Advisor Group Inc. increased its holdings in shares of Cree by 11.5% in the 2nd 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 last quarter. Garner Asset Management Corp purchased a new position in shares of Cree in the 3rd quarter valued at about $204,000. ETRADE Capital Management LLC purchased a new position in shares of Cree in the 3rd quarter valued at about $208,000. Finally, Shelton Capital Management purchased a new position in Cree during the 3rd quarter worth approximately $213,000. Institutional investors and hedge funds own 98.76% of the company’s stock.
The stock has a market capitalization of $3,440.00, a P/E ratio of -28.70 and a beta of 1.26. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06.
COPYRIGHT VIOLATION NOTICE: “Cree (CREE) Shares Gap Down Following Weak Earnings” was first posted by Transcript Daily and is the property of of Transcript Daily. If you are viewing this piece of content on another domain, it was stolen and reposted in violation of U.S. & international copyright & trademark law. The original version of this piece of content can be accessed at https://transcriptdaily.com/2018/01/24/cree-cree-shares-gap-down-following-weak-earnings.html.
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.
Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.