Cree, Inc. (NASDAQ:CREE) Expected to Announce Quarterly Sales of $148.29 Million

Wall Street analysts expect Cree, Inc. (NASDAQ:CREE) to post sales of $148.29 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cree’s earnings. The lowest sales estimate is $143.80 million and the highest is $150.20 million. Cree reported sales of $216.60 million in the same quarter last year, which would suggest a negative year over year growth rate of 31.5%. The company is scheduled to issue its next quarterly earnings report on Wednesday, October 27th.

On average, analysts expect that Cree will report full year sales of $671.86 million for the current year, with estimates ranging from $641.80 million to $707.76 million. For the next financial year, analysts anticipate that the business will report sales of $985.31 million, with estimates ranging from $918.10 million to $1.06 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Monday, August 16th. The LED producer reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.01. The business had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $144.81 million. Cree had a negative net margin of 83.60% and a negative return on equity of 7.29%. The firm’s quarterly revenue was up 34.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.18) earnings per share.

A number of research analysts recently issued reports on the stock. BMO Capital Markets decreased their price objective on shares of Cree from $110.00 to $80.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 18th. Canaccord Genuity boosted their target price on shares of Cree from $132.00 to $136.00 and gave the stock a “buy” rating in a research note on Wednesday, August 18th. Cowen decreased their target price on shares of Cree from $150.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, August 16th. Bank of America cut shares of Cree from a “neutral” rating to an “underperform” rating and set a $93.00 target price on the stock. in a research note on Friday, September 17th. Finally, Piper Sandler decreased their target price on shares of Cree from $110.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 18th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $106.50.

NASDAQ:CREE traded up $2.19 during mid-day trading on Friday, reaching $86.18. The stock had a trading volume of 21,195 shares, compared to its average volume of 1,565,145. The stock has a 50-day simple moving average of $88.41 and a two-hundred day simple moving average of $96.89. The stock has a market capitalization of $9.99 billion, a PE ratio of -18.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.29 and a quick ratio of 2.92. Cree has a 12 month low of $56.39 and a 12 month high of $129.90.

A number of hedge funds have recently added to or reduced their stakes in CREE. KB Financial Partners LLC acquired a new position in Cree in the first quarter valued at $56,000. Mizuho Securities Co. Ltd. acquired a new position in Cree in the second quarter valued at $59,000. Allred Capital Management LLC acquired a new position in Cree in the first quarter valued at $66,000. Certified Advisory Corp acquired a new position in Cree in the first quarter valued at $66,000. Finally, US Bancorp DE lifted its holdings in Cree by 16.9% in the second quarter. US Bancorp DE now owns 1,025 shares of the LED producer’s stock valued at $100,000 after buying an additional 148 shares during the period.

About Cree

Cree, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

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Earnings History and Estimates for Cree (NASDAQ:CREE)

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