Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.6% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of research firms have commented on CRDO. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price on the stock. William Blair began coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating on the stock. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

The stock has a market cap of $28.54 billion, a PE ratio of 138.58 and a beta of 2.63. The firm has a fifty day moving average price of $156.63 and a 200 day moving average price of $126.01.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period in the prior year, the company posted $0.07 EPS. The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group 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 sale, the chief financial officer directly owned 458,678 shares in the company, valued at $63,389,299.60. This trade represents a 19.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the sale, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. This represents a 8.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 961,246 shares of company stock worth $149,004,408 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Nuveen LLC purchased a new stake in Credo Technology Group in the first quarter valued at approximately $52,636,000. Rafferty Asset Management LLC purchased a new stake in Credo Technology Group in the third quarter valued at approximately $183,553,000. Finally, Alliancebernstein L.P. increased its holdings in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

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.