Credo Technology Group (NASDAQ:CRDO) Shares Up 3.6% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 3.6% during mid-day trading on Thursday . The stock traded as high as $241.14 and last traded at $236.50. Approximately 4,478,370 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 7,677,271 shares. The stock had previously closed at $228.27.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Evercore initiated coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group upped their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Finally, Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Stock Performance

The stock has a market cap of $39.75 billion, a price-to-earnings ratio of 85.95, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The stock’s 50-day simple moving average is $235.28 and its two-hundred day simple moving average is $169.88.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 earnings per share. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director owned 7,017 shares in the company, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sylvia Acevedo sold 2,208 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the transaction, the director directly owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 302,162 shares of company stock worth $70,897,646. Corporate insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC raised its position in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi raised its holdings in Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after acquiring an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Credo Technology Group by 841.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after acquiring an additional 1,422,391 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of 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 acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.