Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High – Still a Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price hit a new 52-week high on Friday . The stock traded as high as $50.32 and last traded at $50.23, with a volume of 564510 shares. The stock had previously closed at $45.71.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRDO. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Barclays boosted their target price on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Stock Performance

The company has a market capitalization of $8.13 billion, a price-to-earnings ratio of -306.00 and a beta of 2.19. The business has a 50-day simple moving average of $39.24 and a two-hundred day simple moving average of $32.07.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Research analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at $292,182,080.12. The trade was a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the transaction, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,324,817 shares of company stock worth $43,552,936 over the last ninety days. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Franklin Resources Inc. lifted its position in shares of Credo Technology Group by 17.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after acquiring an additional 11,065 shares during the period. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Credo Technology Group during the third quarter worth $614,000. Orion Portfolio Solutions LLC grew its holdings in Credo Technology Group by 40.6% in the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock valued at $314,000 after purchasing an additional 2,945 shares during the last quarter. Finally, Castleark Management LLC increased its position in shares of Credo Technology Group by 31.9% in the third quarter. Castleark Management LLC now owns 166,730 shares of the company’s stock valued at $5,135,000 after buying an additional 40,300 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.