Credo Technology Group (NASDAQ:CRDO) Shares Gap Down to $31.94

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $31.94, but opened at $31.24. Credo Technology Group shares last traded at $30.42, with a volume of 259,414 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRDO. Barclays lifted their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. TD Cowen upgraded 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 research report on Tuesday, June 25th. Bank of America restated an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Craig Hallum raised their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $28.25.

Credo Technology Group Stock Performance

The firm has a fifty day moving average price of $22.65 and a two-hundred day moving average price of $21.38.

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 the consensus estimate of $0.02 by ($0.04). The firm had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. On average, sell-side analysts predict that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the transaction, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the transaction, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the transaction, the chief technology officer now directly owns 9,553,602 shares in the company, valued at $276,958,921.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 698,193 shares of company stock valued at $15,330,376. 23.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the first quarter valued at about $29,000. Covestor Ltd raised its holdings in 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. raised its holdings in 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 bought a new stake in Credo Technology Group during the first quarter valued at about $97,000. Finally, Assetmark Inc. grew its position 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 purchasing an additional 1,263 shares in the last quarter. 80.46% of the stock is 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.