Cree Inc. [CREE] Revenue clocked in at $663.70 million, down -6.96% YTD: What’s Next?

Cree Inc. [NASDAQ: CREE] price plunged by -12.60 percent to reach at -$14.2. The company report on April 29, 2021 that Cree Reports Financial Results for the Third Quarter of Fiscal Year 2021.

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Cree, Inc. (Nasdaq: CREE) announced revenue from continuing operations of $137.3 million for its third quarter of fiscal 2021, ended March 28, 2021. This represents a 21% increase compared to revenue from continuing operations of $113.9 million reported for the third quarter of fiscal 2020, and an 8% increase compared to the second quarter of fiscal 2021. GAAP net loss from continuing operations for the third quarter of fiscal 2021 was $66.5 million, or $0.59 per diluted share, compared to GAAP net loss from continuing operations of $56.2 million, or $0.52 per diluted share, for the third quarter of fiscal 2020. On a non-GAAP basis, net loss from continuing operations for the third quarter of fiscal 2021 was $24.7 million, or $0.22 per diluted share, compared to non-GAAP net loss from continuing operations for the third quarter of fiscal 2020 of $18.4 million, or $0.17 per diluted share.

On March 1, 2021, Cree completed the previously announced sale of certain assets and subsidiaries comprising its former LED Products segment to SMART Global Holdings, Inc. (SGH) and its wholly owned acquisition subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration.

A sum of 5989654 shares traded at recent session while its average daily volume was at 1.68M shares. Cree Inc. shares reached a high of $106.00 and dropped to a low of $96.2601 until finishing in the latest session at $98.53.

The one-year CREE stock forecast points to a potential upside of 16.5. The average equity rating for CREE stock is currently 2.60, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Cree Inc. [CREE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CREE shares is $118.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CREE stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Cree Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on April 29, 2021. While these analysts kept the previous recommendation, New Street raised their target price to Buy. The new note on the price target was released on March 29, 2021, representing the official price target for Cree Inc. stock. Previously, the target price had yet another raise to $140, while BofA Securities analysts kept a Buy rating on CREE stock. On February 22, 2021, analysts increased their price target for CREE shares from 90 to 150.

The Average True Range (ATR) for Cree Inc. is set at 6.25, with the Price to Sales ratio for CREE stock in the period of the last 12 months amounting to 15.61. The Price to Book ratio for the last quarter was 5.85, with the Price to Cash per share for the same quarter was set at 9.21.

CREE Stock Performance Analysis:

Cree Inc. [CREE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.37. With this latest performance, CREE shares dropped by -4.05% in over the last four-week period, additionally plugging by 44.90% over the last 6 months – not to mention a rise of 113.04% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CREE stock in for the last two-week period is set at 39.00, with the RSI for the last a single of trading hit 33.60, and the three-weeks RSI is set at 42.32 for Cree Inc. [CREE]. The present Moving Average for the last 50 days of trading for this stock 110.25, while it was recorded at 112.34 for the last single week of trading, and 89.15 for the last 200 days.

Insight into Cree Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Cree Inc. [CREE] shares currently have an operating margin of -18.13 and a Gross Margin at +25.87. Cree Inc.’s Net Margin is presently recorded at -21.21.

Return on Total Capital for CREE is now -6.06, given the latest momentum, and Return on Invested Capital for the company is -7.11. Return on Equity for this stock declined to -9.31, with Return on Assets sitting at -6.34. When it comes to the capital structure of this company, Cree Inc. [CREE] has a Total Debt to Total Equity ratio set at 39.01. Additionally, CREE Total Debt to Total Capital is recorded at 28.06, with Total Debt to Total Assets ending up at 25.15. Long-Term Debt to Equity for the company is recorded at 38.59, with the Long-Term Debt to Total Capital now at 27.76.

Reflecting on the efficiency of the workforce at the company, Cree Inc. [CREE] managed to generate an average of -$37,368 per employee. Receivables Turnover for the company is 7.24 with a Total Asset Turnover recorded at a value of 0.30.Cree Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.80.

CREE Stock EPS

With the latest financial reports released by the company, Cree Inc. posted -0.18/share EPS, while the average EPS was predicted by analysts to be reported at -0.19/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 5.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CREE.

Cree Inc. [CREE] Insider Position Details

There are presently around $11,703 million, in the hands of institutional investors. The top three institutional holders of CREE stocks are: BLACKROCK INC. with ownership of 14,072,356, which is approximately 8.032% of the company’s market cap and around 0.80% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 13,517,839 shares of the stock with an approximate value of $1.33 billion in CREE stocks shares; and VANGUARD GROUP INC, currently with $1.0 billion in CREE stock with ownership of nearly 2.538% of the company’s market capitalization.

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Positions in Cree Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 220 institutional holders increased their position in Cree Inc. [NASDAQ:CREE] by around 13,452,010 shares. Additionally, 162 investors decreased positions by around 12,073,832 shares, while 45 investors held positions by with 93,253,455 shares. The mentioned changes placed institutional holdings at 118,779,297 shares, according to the latest SEC report filing. CREE stock had 93 new institutional investments in for a total of 3,630,661 shares, while 35 institutional investors sold positions of 1,458,568 shares during the same period.

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