Cree, Inc. (NASDAQ:CREE) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of ($0.01)-$0.04 for the period, compared to the Thomson Reuters consensus estimate of $0.07. The company issued revenue guidance of $340-360 million, compared to the consensus revenue estimate of $368.95 million.
Shares of Cree, Inc. (CREE) traded up 0.20% during trading on Tuesday, reaching $29.34. 2,072,027 shares of the company were exchanged. The company’s market capitalization is $2.86 billion. Cree, Inc. has a one year low of $20.50 and a one year high of $31.64. The firm’s 50 day moving average price is $26.28 and its 200 day moving average price is $24.80.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.04. The company had revenue of $360.00 million for 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 for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. Equities research analysts forecast that Cree, Inc. will post $0.29 earnings per share for the current fiscal year.
CREE has been the topic of a number of recent analyst reports. BidaskClub upgraded Cree from a hold rating to a buy rating in a research note on Wednesday, July 12th. Roth Capital reiterated a buy rating and set a $29.00 target price (up from $27.00) on shares of Cree in a research note on Tuesday, June 20th. TheStreet upgraded Cree from a d+ rating to a c- rating in a research note on Wednesday, September 27th. KeyCorp reiterated an equal weight rating and set a $21.00 target price on shares of Cree in a research note on Friday, August 25th. Finally, Cowen and Company set a $22.00 target price on Cree and gave the stock a hold rating in a research note on Wednesday, August 23rd. Six 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. The company presently has an average rating of Hold and an average price target of $24.04.
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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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