Credo Technology Group (NASDAQ:CRDO) Trading Up 4.7% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price shot up 4.7% during mid-day trading on Tuesday . The stock traded as high as $42.63 and last traded at $42.52. 512,972 shares changed hands during trading, a decline of 77% from the average session volume of 2,245,303 shares. The stock had previously closed at $40.60.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRDO. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Barclays raised their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Craig Hallum boosted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Mizuho raised their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Price Performance

The business’s fifty day moving average price is $35.62 and its two-hundred day moving average price is $30.21. The stock has a market capitalization of $7.30 billion, a PE ratio of -269.19 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the completion of the sale, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at $110,339,331.52. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock worth $43,552,936 in the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Geode Capital Management LLC lifted its stake in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Credo Technology Group in the third quarter worth approximately $614,000. Orion Portfolio Solutions LLC increased its position in shares of Credo Technology Group by 40.6% during the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock worth $314,000 after purchasing an additional 2,945 shares in the last quarter. Castleark Management LLC raised its stake in Credo Technology Group by 31.9% in the 3rd quarter. Castleark Management LLC now owns 166,730 shares of the company’s stock valued at $5,135,000 after purchasing an additional 40,300 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares in 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 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.