Credo Technology Group (NASDAQ:CRDO) Stock Jumps 2.6% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price rose 2.6% during trading on Monday. The stock traded as high as $156.53 and last traded at $151.15. Approximately 7,105,600 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 7,616,284 shares. The stock had previously closed at $147.29.

Wall Street Analyst Weigh In

CRDO has been the topic of several research analyst reports. Mizuho lowered their price objective on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, September 21st. Evercore set a $292.00 target price on Credo Technology Group in a report on Wednesday, September 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Finally, Susquehanna lifted their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Performance

The stock has a market cap of $28.41 billion, a price-to-earnings ratio of 53.79, a price-to-earnings-growth ratio of 0.59 and a beta of 3.25. The company’s 50 day simple moving average is $195.54 and its two-hundred day simple moving average is $208.06.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Yat Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the sale, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at approximately $1,098,108,650.21. The trade was a 0.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 457,952 shares of company stock worth $90,919,736 over the last ninety days. 9.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Orion Capital Management LLC bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $27,000. Burkett Financial Services LLC bought a new position in Credo Technology Group during the third quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Credo Technology Group by 4,900.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 196 shares during the last quarter. Alpine Bank Wealth Management acquired a new stake in Credo Technology Group in the third quarter valued at approximately $40,000. Finally, Root Financial Partners LLC acquired a new stake in Credo Technology Group in the third quarter valued at approximately $48,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.