Credo Technology Group (NASDAQ:CRDO) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Credo Technology Group (NASDAQ:CRDO) from an underperform rating to a buy rating in a research report released on Tuesday morning, MarketBeat reports. They currently have $80.00 target price on the stock, up from their prior target price of $27.00.

CRDO has been the subject of a number of other reports. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus raised their price objective on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Barclays raised their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $70.40 on Tuesday. The business’s fifty day moving average price is $41.99 and its two-hundred day moving average price is $33.24. The stock has a market cap of $11.69 billion, a PE ratio of -469.33 and a beta of 2.26. Credo Technology Group has a one year low of $16.82 and a one year high of $75.30.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. As a group, equities research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the sale, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. This trade represents a 6.20 % 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, COO Yat Tung Lam sold 10,000 shares of the business’s 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 of the company’s stock, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,193,441 shares of company stock valued at $41,362,270 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the company. Assetmark Inc. lifted its holdings in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after buying an additional 257 shares during the last quarter. Fifth Third Bancorp lifted its stake in 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 during the last quarter. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares during the last quarter. CWM LLC increased its stake in Credo Technology Group by 78.1% during the second 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, US Bancorp DE raised its holdings in shares of Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.