Credo Technology Group (NASDAQ:CRDO) Shares Up 1.8% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 1.8% during mid-day trading on Tuesday . The company traded as high as $232.00 and last traded at $226.51. Approximately 2,629,852 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 7,284,424 shares. The stock had previously closed at $222.61.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Needham & Company LLC upped their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Rosenblatt Securities reissued a “neutral” rating and issued a $215.00 price objective on shares of Credo Technology Group in a research note on Monday. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Evercore initiated coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Stock Performance

The firm has a fifty day moving average price of $240.76 and a 200 day moving average price of $183.84. The firm has a market capitalization of $42.24 billion, a price-to-earnings ratio of 91.33, a PEG ratio of 1.05 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This represents a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. 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. In the last ninety days, insiders have sold 435,076 shares of company stock worth $101,043,506. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Capital Management LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $27,000. Reflection Asset Management acquired a new position in Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group during the fourth quarter worth $25,000. Van ECK Associates Corp acquired a new stake in Credo Technology Group in the fourth quarter valued at $37,000. Finally, Quarry LP increased its position in shares of Credo Technology Group by 642.5% in the third quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after buying an additional 257 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.