Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High – Here’s What Happened

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $75.31 and last traded at $74.23, with a volume of 4561197 shares. The stock had previously closed at $70.40.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Barclays increased their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $67.33.

Credo Technology Group Price Performance

The stock has a market capitalization of $12.41 billion, a PE ratio of -494.87 and a beta of 2.26. The company’s 50 day moving average price is $42.84 and its two-hundred day moving average price is $33.73.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. Analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the sale, the chief technology officer now owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 108,790 shares of Credo Technology Group stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the transaction, the chief financial officer now directly owns 676,386 shares in the company, valued at $21,035,604.60. This trade represents a 13.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,193,441 shares of company stock worth $41,362,270. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP grew its position in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the 2nd quarter worth $29,000. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth about $30,000. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.