Credo Technology Group (NASDAQ:CRDO) Trading Up 3.7%

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was up 3.7% during mid-day trading on Thursday . The company traded as high as $31.07 and last traded at $30.80. Approximately 433,971 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,162,579 shares. The stock had previously closed at $29.71.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRDO shares. Barclays upped their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Craig Hallum increased their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Bank of America reiterated an “underperform” rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Finally, TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and raised their price target for the company from $24.00 to $35.00 in a report on Tuesday. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.25.

Credo Technology Group Stock Performance

The business’s 50-day moving average price is $22.65 and its two-hundred day moving average price is $21.34.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results 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 return on equity of 4.51% and a negative net margin of 14.70%. The company had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. Research analysts expect that Credo Technology Group Holding Ltd will post 0.07 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 153,825 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $22.58, for a total transaction of $3,473,368.50. Following the completion of the sale, the chief operating officer now owns 798,527 shares of the company’s stock, valued at $18,030,739.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Credo Technology Group news, COO Yat Tung Lam sold 153,825 shares of Credo Technology Group stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $22.58, for a total value of $3,473,368.50. Following the completion of the transaction, the chief operating officer now owns 798,527 shares of the company’s stock, valued at $18,030,739.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, April 1st. The stock was 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 approximately $211,791,608.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 753,193 shares of company stock valued at $16,502,426. 23.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the stock. Ulland Investment Advisors LLC acquired a new position in shares of Credo Technology Group during the first quarter valued at $29,000. Covestor Ltd boosted its holdings in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Credo Technology Group by 47.6% during the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after acquiring an additional 1,229 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Credo Technology Group during the first quarter valued at $97,000. Finally, Assetmark Inc. boosted its holdings in shares of Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after acquiring an additional 1,263 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.