Credo Technology Group (NASDAQ:CRDO) Sets New 1-Year High – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $42.74 and last traded at $42.42, with a volume of 82993 shares. The stock had previously closed at $40.07.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. The Goldman Sachs Group increased their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Mizuho lifted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Barclays upped their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

The stock has a market capitalization of $7.00 billion, a P/E ratio of -250.44 and a beta of 2.19. The stock’s fifty day moving average price is $33.35 and its 200 day moving average price is $28.50.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $27.33, for a total value of $1,503,150.00. Following the completion of the sale, the chief technology officer now owns 9,223,602 shares of the company’s stock, valued at $252,081,042.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the completion of the sale, the chief operating officer now directly owns 2,807,777 shares of the company’s stock, valued at $77,691,189.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, August 9th. The shares were sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the completion of the transaction, the chief technology officer now owns 9,223,602 shares in the company, valued at approximately $252,081,042.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,389,817 shares of company stock valued at $44,436,836 over the last ninety days. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the stock. Assetmark Inc. increased its position in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares in the last quarter. Fifth Third Bancorp raised its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. CWM LLC lifted its holdings in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. US Bancorp DE lifted its stake in Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the last quarter. Institutional investors and hedge funds 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.