Cree, Inc. (NASDAQ:CREE) Expected to Announce Earnings of -$0.09 Per Share

Wall Street analysts forecast that Cree, Inc. (NASDAQ:CREE) will report earnings per share (EPS) of ($0.09) for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Cree’s earnings. Cree posted earnings of $0.06 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 250%. The firm is scheduled to report its next earnings results after the market closes on Tuesday, August 22nd.

According to Zacks, analysts expect that Cree will report full year earnings of $0.03 per share for the current year. For the next fiscal year, analysts anticipate that the company will report earnings of $0.20 per share. Zacks’ EPS averages are an average based on a survey of research analysts that follow Cree.

A number of brokerages have recently commented on CREE. Cowen and Company reissued a “market perform” rating on shares of Cree in a research note on Wednesday, April 26th. Canaccord Genuity reissued a “hold” rating and set a $23.00 price target on shares of Cree in a research note on Friday, April 21st. Zacks Investment Research lowered Cree from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Williams Capital cut their price target on Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a research note on Wednesday, April 26th. Finally, BidaskClub lowered Cree from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $25.00.

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Cree during the fourth quarter worth approximately $14,662,000. Teachers Advisors LLC boosted its stake in shares of Cree by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock worth $2,827,000 after buying an additional 5,650 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Cree by 2.1% in the first quarter. Nationwide Fund Advisors now owns 179,087 shares of the LED producer’s stock worth $4,787,000 after buying an additional 3,613 shares during the period. Riverbridge Partners LLC boosted its stake in shares of Cree by 1.7% in the first quarter. Riverbridge Partners LLC now owns 52,951 shares of the LED producer’s stock worth $1,415,000 after buying an additional 899 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Cree by 14.2% in the first quarter. Janney Montgomery Scott LLC now owns 35,044 shares of the LED producer’s stock worth $937,000 after buying an additional 4,349 shares during the period. 86.52% of the stock is owned by hedge funds and other institutional investors.

Shares of Cree (NASDAQ:CREE) traded up 2.61% during mid-day trading on Monday, reaching $23.58. The company’s stock had a trading volume of 1,346,451 shares. Cree has a 12 month low of $20.75 and a 12 month high of $31.64. The firm’s market cap is $2.30 billion. The company has a 50-day moving average of $25.26 and a 200-day moving average of $25.24.

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About Cree

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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