Credo Technology Group (NASDAQ:CRDO) Shares Gap Up Following Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped up before the market opened on Tuesday after Barclays raised their price target on the stock from $32.00 to $80.00. The stock had previously closed at $47.80, but opened at $64.45. Barclays currently has an overweight rating on the stock. Credo Technology Group shares last traded at $65.92, with a volume of 4,068,412 shares changing hands.

Several other equities analysts also recently weighed in on CRDO. Craig Hallum boosted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Mizuho boosted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $59.44.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the transaction, the director now owns 1,748,444 shares in the company, valued at $68,276,738.20. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the sale, the chief technology officer now owns 9,058,602 shares in the company, valued at $255,633,748.44. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,269,817 shares of company stock valued at $41,789,636. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

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

Credo Technology Group Price Performance

The stock has a 50 day moving average price of $39.60 and a two-hundred day moving average price of $32.37. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of -412.00 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last released 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 during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal 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.