Credo Technology Group (NASDAQ:CRDO) Trading 2.1% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 2.1% during mid-day trading on Thursday . The company traded as high as $131.63 and last traded at $130.66. 3,335,667 shares were traded during trading, a decline of 52% from the average session volume of 6,884,343 shares. The stock had previously closed at $127.91.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Rosenblatt Securities assumed coverage on Credo Technology Group in a report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price target for the company. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Roth Mkm cut their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Finally, Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $209.29.

Credo Technology Group Stock Down 5.1%

The stock has a market capitalization of $22.41 billion, a PE ratio of 108.83 and a beta of 2.65. The firm’s fifty day moving average price is $135.98 and its two-hundred day moving average price is $143.25.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s revenue was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total value of $7,658,000.00. Following the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group in the third quarter worth about $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth about $25,000. First Horizon Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $26,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.