Credo Technology Group (NASDAQ:CRDO) Shares Up 1.5% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price shot up 1.5% during mid-day trading on Tuesday . The stock traded as high as $233.70 and last traded at $221.64. 9,531,971 shares traded hands during trading, an increase of 34% from the average session volume of 7,104,088 shares. The stock had previously closed at $218.41.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRDO. Roth Mkm dropped their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research report on Wednesday, April 15th. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Finally, Jefferies Financial Group began coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $207.71.

Credo Technology Group Price Performance

The stock has a market capitalization of $40.88 billion, a PE ratio of 123.13 and a beta of 3.17. The firm’s 50 day simple moving average is $148.95 and its 200 day simple moving average is $143.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue was up 201.5% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. Analysts expect 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, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the period. Reflection Asset Management purchased a new position in Credo Technology Group during the 4th quarter valued at $25,000. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter valued at $25,000. Finally, Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter valued at $32,000. 80.46% of the stock is 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.