Credo Technology Group (NASDAQ:CRDO) Shares Up 4% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were up 4% on Thursday . The company traded as high as $38.50 and last traded at $38.47. Approximately 133,453 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 2,227,153 shares. The stock had previously closed at $36.99.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRDO. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Roth Mkm upped their price target on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Craig Hallum increased their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

Credo Technology Group Stock Up 3.4 %

The stock’s fifty day simple moving average is $31.26 and its two-hundred day simple moving average is $26.78. The firm has a market cap of $6.32 billion, a PE ratio of -205.50 and a beta of 2.24.

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

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now owns 8,893,602 shares of the company’s stock, valued at $341,603,252.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the transaction, the director now owns 1,748,444 shares of the company’s stock, valued at approximately $68,276,738.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now owns 8,893,602 shares in the company, valued at approximately $341,603,252.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,444,817 shares of company stock valued at $45,366,886. Company insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of the business. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd raised its stake in Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after buying an additional 1,924 shares during the last quarter. CWM LLC raised its position in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new stake in shares of Credo Technology Group during the second quarter worth $51,000. 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.