Credo Technology Group (NASDAQ:CRDO) Shares Up 4.7% – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were up 4.7% during trading on Tuesday . The stock traded as high as $42.63 and last traded at $42.52. Approximately 512,972 shares were traded during trading, a decline of 77% from the average daily volume of 2,245,303 shares. The stock had previously closed at $40.60.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRDO shares. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus upped their target price on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Bank of America raised their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Finally, Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Stock Up 8.3 %

The stock has a 50-day moving average of $35.62 and a 200 day moving average of $30.21. The company has a market capitalization of $7.30 billion, a PE ratio of -269.19 and a beta of 2.19.

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 the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares in the company, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the sale, the chief technology officer now owns 9,113,602 shares of the company’s stock, valued at approximately $292,182,080.12. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,324,817 shares of company stock worth $43,552,936. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Credo Technology Group in the 3rd quarter worth about $614,000. Orion Portfolio Solutions LLC raised its holdings in shares of Credo Technology Group by 40.6% during the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock valued at $314,000 after purchasing an additional 2,945 shares during the last quarter. Castleark Management LLC lifted its holdings in shares of Credo Technology Group by 31.9% during the 3rd quarter. Castleark Management LLC now owns 166,730 shares of the company’s stock valued at $5,135,000 after buying an additional 40,300 shares during the period. Finally, Wellington Management Group LLP boosted its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Hedge funds and other institutional investors 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.