Credo Technology Group’s (CRDO) Underperform Rating Reiterated at Bank of America

Credo Technology Group (NASDAQ:CRDOGet Free Report)‘s stock had its “underperform” rating reissued by stock analysts at Bank of America in a research report issued on Thursday, Benzinga reports. They presently have a $22.00 target price on the stock, up from their prior target price of $21.00. Bank of America‘s target price indicates a potential downside of 8.14% from the stock’s previous close.

CRDO has been the topic of a number of other reports. Mizuho reissued a “buy” rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. TD Cowen increased their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum increased their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.38.

Check Out Our Latest Report on Credo Technology Group

Credo Technology Group Trading Up 18.4 %

CRDO traded up $3.73 during trading on Thursday, hitting $23.95. 4,427,616 shares of the company’s stock were exchanged, compared to its average volume of 2,086,284. Credo Technology Group has a 1 year low of $13.06 and a 1 year high of $24.10. The stock has a 50 day moving average price of $19.51 and a 200 day moving average price of $19.84. The firm has a market cap of $3.91 billion, a P/E ratio of -104.13 and a beta of 2.03.

Credo Technology Group (NASDAQ:CRDOGet Free Report) last issued its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 earnings per share. Analysts forecast that Credo Technology Group will post -0.12 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.93, for a total transaction of $1,151,150.00. Following the completion of the transaction, the chief technology officer now owns 10,048,602 shares in the company, valued at approximately $210,317,239.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.93, for a total transaction of $1,151,150.00. Following the completion of the transaction, the chief technology officer now owns 10,048,602 shares in the company, valued at approximately $210,317,239.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.93, for a total transaction of $209,300.00. Following the transaction, the chief operating officer now owns 3,065,968 shares of the company’s stock, valued at approximately $64,170,710.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 863,387 shares of company stock worth $17,790,904. Corporate insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Castleark Management LLC acquired a new position in shares of Credo Technology Group in the first quarter worth about $3,876,000. California State Teachers Retirement System boosted its holdings in shares of Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after buying an additional 9,218 shares during the period. Public Employees Retirement Association of Colorado acquired a new position in shares of Credo Technology Group in the first quarter worth about $352,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Credo Technology Group by 10.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares during the period. Finally, Magnetar Financial LLC acquired a new position in shares of Credo Technology Group in the first quarter worth about $278,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Credo Technology Group (NASDAQ:CRDO)

Receive News & Ratings for Credo Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credo Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.