Credo Technology Group (NASDAQ:CRDO) Stock Price Up 3.6% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 3.6% during mid-day trading on Wednesday . The company traded as high as $104.42 and last traded at $103.91. 5,286,912 shares traded hands during trading, a decline of 27% from the average session volume of 7,280,727 shares. The stock had previously closed at $100.30.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRDO. Barclays restated an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Rosenblatt Securities reissued a “neutral” rating and issued a $125.00 price target on shares of Credo Technology Group in a report on Monday. Roth Mkm lowered their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $206.33.

Credo Technology Group Trading Up 3.6%

The stock has a fifty day moving average of $121.05 and a two-hundred day moving average of $142.19. The company has a market capitalization of $19.17 billion, a PE ratio of 57.73 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 201.5% on a year-over-year basis. During the same period last year, the business earned $0.25 earnings per share. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the completion of the sale, the chief technology officer directly owned 6,448,961 shares in the company, valued at $924,845,497.01. This represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the transaction, the chief executive officer directly owned 1,832,502 shares in the company, valued at $233,992,180.38. This trade represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 426,101 shares of company stock worth $56,010,645. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter worth approximately $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Finally, First Horizon Corp purchased a new position in shares of Credo Technology Group in the third quarter worth $26,000. 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.