Brokerages expect Cree, Inc. (NASDAQ:CREE) to announce $248.34 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cree’s earnings. The lowest sales estimate is $248.00 million and the highest is $248.50 million. Cree posted sales of $409.45 million in the same quarter last year, which would indicate a negative year over year growth rate of 39.3%. The business is expected to report its next earnings results after the market closes on Tuesday, August 20th.
According to Zacks, analysts expect that Cree will report full year sales of $1.34 billion for the current fiscal year. For the next fiscal year, analysts forecast that the business will post sales of $1.13 billion, with estimates ranging from $1.12 billion to $1.17 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Cree.
Several brokerages recently weighed in on CREE. Cowen set a $55.00 price target on Cree and gave the company a “hold” rating in a research report on Thursday, May 2nd. Zacks Investment Research cut shares of Cree from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Canaccord Genuity reissued a “buy” rating and set a $78.00 price target (down from $81.00) on shares of Cree in a research report on Thursday, May 2nd. Citigroup cut shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Finally, CIBC reissued a “market perform” rating on shares of Cree in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $60.16.
CREE stock traded up $0.05 during trading on Thursday, hitting $57.19. 637,600 shares of the company traded hands, compared to its average volume of 1,415,018. The stock’s 50-day simple moving average is $59.53 and its 200 day simple moving average is $58.52. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.48 and a quick ratio of 3.97. The company has a market cap of $6.08 billion, a PE ratio of -381.27, a P/E/G ratio of 6.03 and a beta of 0.78. Cree has a 1 year low of $33.72 and a 1 year high of $69.21.
In related news, Director Duy Loan T. Le acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $60.07 per share, with a total value of $120,140.00. Following the transaction, the director now owns 8,442 shares of the company’s stock, valued at approximately $507,110.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.55% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC boosted its holdings in shares of Cree by 501.1% during the 1st quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock valued at $29,000 after buying an additional 451 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in Cree in the first quarter worth $30,000. James Investment Research Inc. purchased a new stake in Cree in the first quarter worth $33,000. Point72 Hong Kong Ltd purchased a new stake in Cree in the second quarter worth $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in Cree in the first quarter worth $42,000.
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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