Credo Technology Group (NASDAQ:CRDO) Trading Up 4.5%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was up 4.5% on Wednesday . The stock traded as high as $18.42 and last traded at $18.39. Approximately 130,678 shares changed hands during trading, a decline of 94% from the average daily volume of 2,138,150 shares. The stock had previously closed at $17.59.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRDO shares. Mizuho reiterated a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. TD Cowen boosted their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Craig Hallum boosted their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, Needham & Company LLC upped their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Credo Technology Group Trading Up 0.3 %

The stock’s 50-day moving average price is $21.09 and its two-hundred day moving average price is $19.24. The stock has a market capitalization of $2.88 billion, a P/E ratio of -76.48 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same period in the prior year, the company posted $0.02 EPS. Credo Technology Group’s revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00. Following the completion of the sale, the chief technology officer now directly owns 10,588,602 shares of the company’s stock, valued at approximately $216,325,138.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00. Following the completion of the transaction, the chief technology officer now directly owns 10,588,602 shares of the company’s stock, valued at $216,325,138.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $19.16, for a total transaction of $287,400.00. Following the completion of the sale, the chief executive officer now owns 2,992,500 shares of the company’s stock, valued at $57,336,300. The disclosure for this sale can be found here. Insiders have sold a total of 1,796,335 shares of company stock valued at $39,371,834 in the last quarter. Insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Jennison Associates LLC bought a new position in Credo Technology Group during the fourth quarter valued at $45,362,000. Wellington Management Group LLP bought a new position in Credo Technology Group during the fourth quarter valued at $35,224,000. Finally, AMF Tjanstepension AB increased its position in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.