Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up before the market opened on Wednesday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. The stock had previously closed at $33.71, but opened at $34.39. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group shares last traded at $34.65, with a volume of 414,042 shares traded.

CRDO has been the topic of several other research reports. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Needham & Company LLC boosted their price objective 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. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Finally, Barclays increased their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.22.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 12,845 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $31.51, for a total value of $404,745.95. Following the transaction, the director now owns 3,109,163 shares of the company’s stock, valued at $97,969,726.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $30.63, for a total transaction of $1,684,650.00. Following the transaction, the chief technology officer now directly owns 9,388,602 shares in the company, valued at $287,572,879.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 12,845 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $31.51, for a total transaction of $404,745.95. Following the completion of the sale, the director now directly owns 3,109,163 shares in the company, valued at approximately $97,969,726.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,462,819 shares of company stock worth $44,474,068 over the last three months. 23.89% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% during the 2nd 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 grew its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the period. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group in the second quarter worth $29,000. Diversified Trust Co lifted its position in Credo Technology Group by 4.3% during the third quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock valued at $861,000 after buying an additional 1,156 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after buying an additional 1,229 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The stock’s 50-day moving average price is $29.90 and its two-hundred day moving average price is $26.16. The stock has a market capitalization of $5.72 billion, a PE ratio of -187.28 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS 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 return on equity of 3.74% and a negative net margin of 12.05%. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

About Credo Technology Group

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.