Credo Technology Group (NASDAQ:CRDO) Trading Up 4.4% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was up 4.4% during trading on Thursday . The company traded as high as $75.07 and last traded at $74.78. Approximately 1,794,257 shares traded hands during trading, a decline of 66% from the average daily volume of 5,349,405 shares. The stock had previously closed at $71.64.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CRDO shares. TD Cowen upped their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Bank of America decreased their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $78.60.

Credo Technology Group Stock Performance

The company has a market capitalization of $12.48 billion, a PE ratio of -489.93 and a beta of 2.42. The company has a 50 day moving average price of $53.72 and a 200 day moving average price of $59.25.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The firm had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was up 179.6% on a year-over-year basis. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This trade represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares in the company, valued at $24,800,531.50. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 679,594 shares of company stock worth $35,108,005 over the last ninety days. 16.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Norges Bank bought a new stake in shares of Credo Technology Group during the fourth quarter valued at about $117,242,000. Nuveen LLC acquired a new position in Credo Technology Group during the first quarter worth about $52,636,000. Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc lifted its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after acquiring an additional 795,751 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.