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

Credo Technology Group (NASDAQ:CRDO) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $80.00 price objective on the stock. Bank of America‘s price target suggests a potential upside of 67.36% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Mizuho upped 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. Barclays increased their target price 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. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $50.44.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $47.80 on Tuesday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $51.40. The firm has a market cap of $7.94 billion, a price-to-earnings ratio of -298.75 and a beta of 2.26. The business’s 50-day simple moving average is $39.60 and its 200-day simple moving average is $32.37.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate 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%. As a group, equities research analysts forecast that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 15,281 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,269,817 shares of company stock valued at $41,789,636. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in CRDO. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group in the third quarter valued at $3,948,000. Principal Financial Group Inc. grew its stake in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Credo Technology Group in the 3rd quarter worth about $565,000. Carnegie Investment Counsel boosted its position in Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Credo Technology Group by 4.2% during the third quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock worth $54,477,000 after buying an additional 71,014 shares during the last quarter. 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.