Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase After Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw an uptick in trading volume on Wednesday after The Goldman Sachs Group raised their price target on the stock from $31.00 to $65.00. The Goldman Sachs Group currently has a buy rating on the stock. 3,060,130 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 2,348,057 shares.The stock last traded at $71.42 and had previously closed at $70.69.

CRDO has been the subject of a number of other reports. Stifel Nicolaus reaffirmed 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. Needham & Company LLC upped their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Roth Mkm lifted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and a consensus price target of $67.33.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the sale, the chief technology officer now directly owns 9,058,602 shares in the company, valued at $255,633,748.44. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,337,321 shares of company stock valued at $45,067,180 over the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after purchasing an additional 9,218 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Credo Technology Group by 319.8% in the second quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after purchasing an additional 23,907 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in Credo Technology Group during the second quarter valued at approximately $392,000. Finally, CWM LLC grew its stake in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 1.0 %

The stock’s fifty day moving average price is $40.42 and its 200 day moving average price is $32.73. The stock has a market cap of $11.86 billion, a P/E ratio of -471.27 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly 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). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

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.