Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.1% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 1.1% during mid-day trading on Thursday . The stock traded as high as $101.82 and last traded at $98.06. Approximately 8,156,243 shares were traded during trading, an increase of 20% from the average daily volume of 6,770,186 shares. The stock had previously closed at $96.95.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRDO. Bank of America increased their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Susquehanna upped their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Roth Mkm raised their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $216.54.

Credo Technology Group Trading Up 13.6%

The firm has a market capitalization of $20.12 billion, a price-to-earnings ratio of 97.72 and a beta of 2.65. The stock has a fifty day moving average of $145.04 and a 200-day moving average of $141.88.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the company earned $0.07 EPS. The business’s revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,902 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. The trade was a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $2,300,463.04. Following the completion of the sale, the chief executive officer owned 252,625 shares of the company’s stock, valued at approximately $32,257,686.25. The trade was a 6.66% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. JPMorgan Chase & Co. raised its stake in shares of Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Bank of America Corp DE raised its holdings in 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 valued at $331,710,000 after buying an additional 1,406,752 shares in the last quarter. Rafferty Asset Management LLC bought a new stake in shares of Credo Technology Group during the 3rd quarter worth about $183,553,000. Alliancebernstein L.P. lifted 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 purchasing an additional 1,218,504 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Credo Technology Group by 2,537.7% during the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after purchasing an additional 1,106,401 shares during the last quarter. Hedge funds and other 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.