Credo Technology Group (NASDAQ:CRDO) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

by · The Cerbat Gem

Credo Technology Group (NASDAQ:CRDO – Get Free Report) posted its quarterly earnings results on Monday. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.05), Zacks reports. The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. During the same quarter in the previous year, the firm posted $0.07 EPS. Credo Technology Group updated its Q3 2026 guidance to EPS.

Credo Technology Group Price Performance

CRDO traded down $6.47 during midday trading on Monday, hitting $171.13. 10,532,261 shares of the company’s stock traded hands, compared to its average volume of 5,472,404. Credo Technology Group has a one year low of $29.09 and a one year high of $193.50. The stock’s fifty day simple moving average is $152.37 and its 200-day simple moving average is $119.95. The company has a market cap of $29.61 billion, a PE ratio of 255.42 and a beta of 2.63.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRDO shares. Susquehanna upped their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Thursday, September 4th. Needham & Company LLC lifted their price objective on Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Finally, Barclays reaffirmed an “overweight” rating and issued a $165.00 price objective on shares of Credo Technology Group in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $140.36.

Get Our Latest Research Report on CRDO

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the sale, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,147,689,624.78. This represents a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 973,161 shares of company stock worth $149,011,579. 11.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quarry LP boosted its holdings in Credo Technology Group by 642.5% in the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after purchasing an additional 257 shares during the period. Ossiam purchased a new stake in Credo Technology Group in the third quarter worth approximately $49,000. EverSource Wealth Advisors LLC boosted its position in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after buying an additional 333 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after acquiring an additional 77 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after buying an additional 111 shares during the period. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

(Get Free Report)

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.

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