Cree, Inc. (NASDAQ:CREE) – Equities research analysts at Piper Jaffray Companies decreased their Q3 2021 EPS estimates for Cree in a research note issued on Monday, September 23rd. Piper Jaffray Companies analyst H. Kumar now anticipates that the LED producer will post earnings of $0.11 per share for the quarter, down from their previous forecast of $0.19. Piper Jaffray Companies has a “Underweight” rating and a $38.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Cree’s Q4 2021 earnings at $0.16 EPS.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 20th. The LED producer reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.09). The firm had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $248.95 million. Cree had a positive return on equity of 1.23% and a negative net margin of 27.86%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.11 earnings per share.
Cree stock opened at $49.78 on Wednesday. The stock’s 50-day moving average is $50.88 and its 200-day moving average is $57.71. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 138.28 and a beta of 0.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.27 and a quick ratio of 4.57. Cree has a 12 month low of $33.72 and a 12 month high of $69.21.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Macquarie Group Ltd. grew its stake in Cree by 3.2% during the 2nd quarter. Macquarie Group Ltd. now owns 104,645 shares of the LED producer’s stock valued at $5,879,000 after purchasing an additional 3,200 shares in the last quarter. Treasurer of the State of North Carolina acquired a new stake in Cree during the 2nd quarter valued at approximately $2,867,000. Vestmark Advisory Solutions Inc. grew its stake in Cree by 1.6% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 13,582 shares of the LED producer’s stock valued at $763,000 after purchasing an additional 212 shares in the last quarter. Royal Bank of Canada grew its stake in Cree by 16.4% during the 2nd quarter. Royal Bank of Canada now owns 133,459 shares of the LED producer’s stock valued at $7,496,000 after purchasing an additional 18,760 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Cree during the 2nd quarter valued at approximately $527,000.
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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