Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped up prior to trading on Tuesday after Barclays raised their price target on the stock from $32.00 to $80.00. The stock had previously closed at $47.80, but opened at $64.45. Barclays currently has an overweight rating on the stock. Credo Technology Group shares last traded at $65.92, with a volume of 4,068,412 shares trading hands.

A number of other brokerages have also recently issued reports on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a report on Tuesday. Roth Mkm upped 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. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho raised their price target 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, Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average target price of $59.44.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 $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 SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,269,817 shares of company stock worth $41,789,636 in the last quarter. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. FMR LLC raised its position in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The stock has a 50-day simple moving average of $39.60 and a two-hundred day simple moving average of $32.37. The firm has a market cap of $11.45 billion, a PE ratio of -412.00 and a beta of 2.26.

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

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.