Credo Technology Group (NASDAQ:CRDO) Shares Up 7.5% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 7.5% during mid-day trading on Tuesday . The company traded as high as $199.81 and last traded at $193.57. 6,022,487 shares were traded during mid-day trading, a decline of 15% from the average session volume of 7,116,626 shares. The stock had previously closed at $180.06.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRDO. Mizuho reduced their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Barclays reaffirmed an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Rosenblatt Securities lifted their price objective on Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Performance

The firm has a market capitalization of $35.70 billion, a PE ratio of 107.54 and a beta of 3.17. The firm has a fifty day moving average of $125.98 and a 200 day moving average of $139.49.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s revenue was up 201.5% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. Research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. This trade represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 6,149 shares of Credo Technology Group stock in a transaction that occurred on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 359,108 shares of company stock worth $45,449,126. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in Credo Technology Group by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 663,212 shares of the company’s stock worth $62,256,000 after purchasing an additional 1,932 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in Credo Technology Group by 117.1% during the 1st quarter. Sanctuary Advisors LLC now owns 61,155 shares of the company’s stock worth $5,741,000 after purchasing an additional 32,988 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Credo Technology Group by 6.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 43,020 shares of the company’s stock valued at $4,038,000 after purchasing an additional 2,710 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of Credo Technology Group by 2.0% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 301,337 shares of the company’s stock valued at $28,287,000 after purchasing an additional 5,950 shares in the last quarter. Finally, Emerald Advisers LLC raised its stake in shares of Credo Technology Group by 0.5% in the 1st quarter. Emerald Advisers LLC now owns 498,574 shares of the company’s stock valued at $46,801,000 after purchasing an additional 2,435 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

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.