Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $30.38 Consensus Target Price from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given a consensus recommendation of “Moderate Buy” by the eight brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $30.38.

Several equities research analysts have recently commented on the company. TD Cowen increased their price objective on Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, July 15th. Needham & Company LLC lifted their price objective on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Stifel Nicolaus lifted their target price on Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Bank of America reissued an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Finally, Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $28.58 on Tuesday. The firm has a market capitalization of $4.72 billion, a P/E ratio of -158.78 and a beta of 2.24. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $33.96. The company’s 50 day simple moving average is $27.84 and its 200 day simple moving average is $22.99.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share 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 the consensus estimate of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. Sell-side analysts expect that Credo Technology Group will post 0.07 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.41, for a total transaction of $957,550.00. Following the sale, the chief technology officer now directly owns 9,773,602 shares of the company’s stock, valued at $170,158,410.82. The disclosure for this sale can be found here. Insiders have sold a total of 936,678 shares of company stock worth $26,102,844 over the last three months. 23.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Ulland Investment Advisors LLC purchased a new position in shares of Credo Technology Group during the first quarter valued at about $29,000. Fifth Third Bancorp increased its holdings 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 valued at $34,000 after acquiring an additional 400 shares in the last quarter. Covestor Ltd lifted its stake in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares in the last quarter. CWM LLC boosted its stake in Credo Technology Group by 78.1% during 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, Advisors Asset Management Inc. raised its position in Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after buying an additional 1,229 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.