Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given an average recommendation of “Moderate Buy” by the eight research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $28.25.

Several analysts recently commented on CRDO shares. TD Cowen raised Credo Technology Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $35.00 in a report on Tuesday. Craig Hallum upped their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Barclays raised their price objective on shares of Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Bank of America reiterated an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th.

Insider Activity

In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total value of $221,200.00. Following the completion of the transaction, the chief operating officer now owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $21.31, for a total transaction of $1,172,050.00. Following the completion of the transaction, the chief technology officer now directly owns 9,938,602 shares of the company’s stock, valued at $211,791,608.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $22.12, for a total transaction of $221,200.00. Following the completion of the sale, the chief operating officer now owns 3,153,738 shares in the company, valued at approximately $69,760,684.56. The disclosure for this sale can be found here. Insiders have sold 753,193 shares of company stock worth $16,502,426 in the last three months. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRDO. Vanguard Group Inc. boosted its stake in Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after buying an additional 2,993,303 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at $45,362,000. Wellington Management Group LLP bought a new stake in Credo Technology Group in the fourth quarter worth $35,224,000. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Finally, TimesSquare Capital Management LLC purchased a new stake in Credo Technology Group during the first quarter valued at $22,535,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

CRDO opened at $31.29 on Friday. The company’s 50-day simple moving average is $22.35 and its two-hundred day simple moving average is $21.24. The stock has a market capitalization of $5.17 billion, a P/E ratio of -173.83 and a beta of 2.20. Credo Technology Group has a 52-week low of $13.38 and a 52-week high of $31.30.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.87%. The company had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. Research analysts forecast that Credo Technology Group will post 0.07 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.