Credo Technology Group (NASDAQ:CRDO) Shares Up 5.7% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price rose 5.7% during trading on Tuesday . The company traded as high as $53.23 and last traded at $53.30. Approximately 5,159,303 shares traded hands during trading, a decline of 6% from the average daily volume of 5,504,993 shares. The stock had previously closed at $50.42.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of analyst reports. Barclays boosted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Up 7.7 %

The stock has a market capitalization of $9.08 billion, a price-to-earnings ratio of -362.13 and a beta of 2.09. The stock has a fifty day moving average of $70.63 and a 200-day moving average of $52.03.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, March 4th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,338,175 shares of company stock valued at $92,697,698. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Nisa Investment Advisors LLC raised its position in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares in the last quarter. Assetmark Inc. grew its holdings in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares during the last quarter. GAMMA Investing LLC grew its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.