Cree (NASDAQ:CREE) announced its quarterly earnings results on Wednesday. The LED producer reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.01, MarketWatch Earnings reports. Cree had a negative return on equity of 5.94% and a negative net margin of 38.54%. The company had revenue of $127.00 million for the quarter, compared to the consensus estimate of $121.54 million. During the same quarter last year, the company posted ($0.10) earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Cree updated its Q3 2021
After-Hours guidance to -0.25--0.21 EPS and its Q3 guidance to ($0.25)-($0.21) EPS.
CREE stock traded down $4.43 during midday trading on Wednesday, reaching $102.18. The stock had a trading volume of 2,408,582 shares, compared to its average volume of 2,106,766. The business has a fifty day simple moving average of $106.79 and a two-hundred day simple moving average of $78.87. The company has a quick ratio of 3.78, a current ratio of 4.33 and a debt-to-equity ratio of 0.42. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of -32.96 and a beta of 1.43. Cree has a twelve month low of $27.77 and a twelve month high of $126.56.
Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on Cree from $67.00 to $77.00 and gave the company a "neutral" rating in a research report on Tuesday, December 29th. Deutsche Bank Aktiengesellschaft raised their target price on Cree from $60.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday. Zacks Investment Research raised Cree from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a research report on Friday, October 30th. JPMorgan Chase & Co. cut Cree from an "overweight" rating to a "neutral" rating and raised their target price for the stock from $98.00 to $108.00 in a research report on Tuesday, January 5th. They noted that the move was a valuation call. Finally, Canaccord Genuity raised their target price on Cree from $79.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, October 29th. Ten investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of "Hold" and a consensus price target of $87.45.
In other news, Director Thomas H. Werner sold 10,000 shares of Cree stock in a transaction dated Monday, November 30th. The stock was sold at an average price of $91.02, for a total transaction of $910,200.00. Following the transaction, the director now owns 61,315 shares in the company, valued at approximately $5,580,891.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Replogle sold 4,000 shares of Cree stock in a transaction dated Friday, November 13th. The shares were sold at an average price of $70.59, for a total value of $282,360.00. Following the transaction, the director now owns 67,170 shares in the company, valued at approximately $4,741,530.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,000 shares of company stock valued at $2,135,460. Corporate insiders own 0.36% of the company's stock.
Cree Company Profile
Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.
Featured Story: Portfolio Manager
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
15 Healthcare Stocks that Analysts Love
There are more than 200 healthcare companies traded on public markets. Given the sheer number of pharmaceutical companies, medical research firms, hospital systems, and other healthcare stocks, it can be hard to identify which healthcare companies will outperform the market.
Fortunately, Wall Street's brightest minds have already done this for us. Every year, analysts issue approximately 3,000 distinct recommendations for healthcare companies. Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when several analysts from different brokerages and research firms are giving "strong-buy" and "buy" ratings to the same healthcare stock.
This slide show lists the 15 healthcare companies with the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
View the "15 Healthcare Stocks that Analysts Love".