Credo Technology Group (NASDAQ:CRDO) Hits New 52-Week High Following Strong Earnings

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $213.80 and last traded at $205.9930, with a volume of 5270940 shares trading hands. The stock had previously closed at $171.13.

The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the prior year, the company posted $0.07 earnings per share. The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. Credo Technology Group has set its Q3 2026 guidance at EPS.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRDO. TD Cowen upped their price objective on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays increased their price target on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday. Mizuho set a $225.00 price objective on shares of Credo Technology Group in a research note on Tuesday. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, Susquehanna increased their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $194.15.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 112,580 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the sale, the chief financial officer owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This trade represents a 19.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $163.98, for a total value of $9,018,900.00. Following the sale, the chief technology officer owned 6,998,961 shares of the company’s stock, valued at approximately $1,147,689,624.78. This represents a 0.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 973,161 shares of company stock valued at $149,011,579 over the last three months. 11.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after acquiring an additional 1,739,844 shares during the period. Bank of America Corp DE grew its position in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the period. Nuveen LLC acquired a new position in Credo Technology Group in the first quarter valued at $52,636,000. Rafferty Asset Management LLC acquired a new position in Credo Technology Group in the third quarter valued at $183,553,000. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 14.5%

The stock has a market capitalization of $33.89 billion, a price-to-earnings ratio of 292.94 and a beta of 2.63. The business has a 50 day simple moving average of $152.51 and a 200-day simple moving average of $120.73.

About Credo Technology Group

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.