Credo Technology Group (NASDAQ:CRDO) Stock Price Up 8.1% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 8.1% during trading on Tuesday . The company traded as high as $171.64 and last traded at $168.99. 8,214,064 shares changed hands during trading, an increase of 16% from the average session volume of 7,062,162 shares. The stock had previously closed at $156.27.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Wednesday, April 15th. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Up 8.1%

The stock has a market capitalization of $31.17 billion, a PE ratio of 93.88 and a beta of 3.17. The business’s 50-day moving average is $140.62 and its two-hundred day moving average is $142.39.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the previous year, the company earned $0.25 earnings per share. Credo Technology Group’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider directly owned 198,609 shares of the company’s stock, valued at approximately $32,653,305.69. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the completion of the sale, the chief technology officer directly owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 386,608 shares of company stock valued at $50,371,351 in the last ninety days. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Edgestream Partners L.P. raised its holdings in Credo Technology Group by 28.4% during the first quarter. Edgestream Partners L.P. now owns 22,168 shares of the company’s stock worth $2,081,000 after purchasing an additional 4,904 shares in the last quarter. H&H International Investment LLC raised its holdings in Credo Technology Group by 431.6% during the first quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after purchasing an additional 609,900 shares in the last quarter. Oaktree Capital Management LP purchased a new position in Credo Technology Group during the first quarter worth about $50,596,000. Centaurus Financial Inc. purchased a new position in Credo Technology Group during the first quarter worth about $426,000. Finally, Arkadios Wealth Advisors purchased a new position in Credo Technology Group during the first quarter worth about $315,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.