Credo Technology Group (NASDAQ:CRDO) Shares Up 3.7%

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price shot up 3.7% on Thursday . The stock traded as high as $31.07 and last traded at $30.80. 433,971 shares were traded during mid-day trading, a decline of 80% from the average session volume of 2,162,579 shares. The stock had previously closed at $29.71.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRDO. Barclays boosted their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America restated an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Craig Hallum lifted their target price on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, TD Cowen upgraded Credo Technology Group from a “hold” rating to a “buy” rating and lifted their target price for the company from $24.00 to $35.00 in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.25.

Credo Technology Group Trading Up 3.7 %

The company has a 50-day moving average price of $22.08 and a 200-day moving average price of $21.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. Research analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the completion of the sale, the chief technology officer now directly owns 9,498,602 shares in the company, valued at $261,116,568.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the completion of the sale, the chief technology officer now directly owns 9,498,602 shares in the company, valued at $261,116,568.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 153,825 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $22.58, for a total value of $3,473,368.50. Following the completion of the sale, the chief operating officer now owns 798,527 shares of the company’s stock, valued at $18,030,739.66. The disclosure for this sale can be found here. Insiders sold 753,193 shares of company stock worth $16,502,426 over the last ninety days. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Credo Technology Group by 7.7% in the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after buying an additional 45,396 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Credo Technology Group in the fourth quarter valued at $35,224,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Credo Technology Group by 31.8% in the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after buying an additional 413,149 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.