Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase After Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw an uptick in trading volume on Wednesday after The Goldman Sachs Group raised their price target on the stock from $31.00 to $65.00. The Goldman Sachs Group currently has a buy rating on the stock. 3,060,130 shares traded hands during mid-day trading, an increase of 30% from the previous session’s volume of 2,348,057 shares.The stock last traded at $71.42 and had previously closed at $70.69.

Several other analysts also recently issued reports on CRDO. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho raised their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Roth Mkm lifted their target price 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. Needham & Company LLC lifted their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $67.33.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,337,321 shares of company stock valued at $45,067,180. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group during the second quarter worth $29,000. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group during the third quarter worth $30,000. Fifth Third Bancorp raised its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

The firm has a market cap of $11.46 billion, a PE ratio of -460.07 and a beta of 2.26. The business has a fifty day moving average price of $41.20 and a two-hundred day moving average price of $32.98.

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 analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

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.