Credo Technology Group (NASDAQ:CRDO) Stock Price Up 2% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 2% during mid-day trading on Wednesday . The company traded as high as $231.88 and last traded at $228.27. 3,976,220 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 7,700,011 shares. The stock had previously closed at $223.87.

Analyst Ratings Changes

Several analysts recently commented on CRDO shares. TD Cowen lifted their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Jefferies Financial Group increased their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Trading Up 3.6%

The firm has a 50 day moving average price of $234.46 and a 200 day moving average price of $169.58. The stock has a market capitalization of $44.10 billion, a PE ratio of 95.36, a price-to-earnings-growth ratio of 1.04 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 company 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. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the transaction, the chief technology officer directly owned 140,358 shares in the company, valued at $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. 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, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the sale, the director owned 16,337 shares in the company, valued at $3,447,107. The trade was a 11.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 302,162 shares of company stock worth $70,897,646 in the last quarter. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of CRDO. NewEdge Advisors LLC lifted its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC purchased a new stake in Credo Technology Group during the second quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.