Credo Technology Group (NASDAQ:CRDO) Trading 6.1% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price shot up 6.1% on Thursday . The stock traded as high as $244.46 and last traded at $240.24. Approximately 4,190,785 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 7,235,121 shares. The stock had previously closed at $226.49.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDO. Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Bank of America boosted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Roth Capital increased their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Rosenblatt Securities restated a “neutral” rating and set a $215.00 target price on shares of Credo Technology Group in a report on Monday, August 24th. Finally, Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Trading Down 3.1%

The company has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a price-to-earnings-growth ratio of 1.10 and a beta of 3.23. The stock’s fifty day moving average is $238.64 and its 200 day moving average is $186.88.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue was up 157.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 EPS. On average, analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the sale, the chief technology officer directly owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 435,076 shares of company stock valued at $101,043,506 over the last ninety days. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC purchased a new stake in shares of Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares in the last quarter. 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.