Credo Technology Group (NASDAQ:CRDO) Reaches New 52-Week High Following Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price reached a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group traded as high as $37.29 and last traded at $37.24, with a volume of 2316313 shares traded. The stock had previously closed at $35.17.

Other equities analysts have also recently issued research reports about the company. Barclays raised their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Craig Hallum lifted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Roth Mkm upped their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.22.

Insider Activity

In related news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the sale, the chief technology officer now directly owns 9,278,602 shares in the company, valued at $249,130,463.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the transaction, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,509,974 shares of company stock valued at $46,475,972 in the last quarter. Company insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Carnegie Investment Counsel grew its holdings in shares of Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after buying an additional 21,350 shares in the last quarter. CWM LLC boosted its position in Credo Technology Group by 105.7% during the 3rd quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after acquiring an additional 1,432 shares during the last quarter. Diversified Trust Co grew its stake in shares of Credo Technology Group by 4.3% during the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock worth $861,000 after acquiring an additional 1,156 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Credo Technology Group by 4.7% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company’s stock valued at $39,589,000 after purchasing an additional 55,135 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of Credo Technology Group in the second quarter worth $622,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

The firm has a market cap of $6.15 billion, a P/E ratio of -206.89 and a beta of 2.24. The stock’s 50-day moving average price is $30.26 and its 200 day moving average price is $26.30.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. As a group, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS 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.