Credo Technology Group (NASDAQ:CRDO) Trading Up 1.6% – Here’s What Happened

by · The Markets Daily

Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report)’s stock price rose 1.6% during mid-day trading on Monday . The company traded as high as $181.00 and last traded at $178.94. Approximately 5,820,206 shares traded hands during trading, an increase of 5% from the average daily volume of 5,532,662 shares. The stock had previously closed at $176.04.

Analysts Set New Price Targets

CRDO has been the topic of several recent analyst reports. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. William Blair assumed coverage on Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. New Street Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Susquehanna increased their price objective on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $206.85.

Read Our Latest Research Report on CRDO

Credo Technology Group Stock Performance

The stock has a market capitalization of $32.32 billion, a price-to-earnings ratio of 156.97 and a beta of 2.63. The business has a 50-day moving average of $155.22 and a 200-day moving average of $124.18.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was up 272.1% on a year-over-year basis. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00. Following the transaction, the chief technology officer owned 6,778,961 shares in the company, valued at approximately $1,003,828,544.88. This represents a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 904,371 shares of company stock valued at $139,048,715. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group in the 3rd quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares during the period. Park Place Capital Corp acquired a new stake in Credo Technology Group during the third quarter worth approximately $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $27,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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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