Credo Technology Group (NASDAQ:CRDO) Trading 2.4% Higher

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were up 2.4% on Thursday . The stock traded as high as $31.25 and last traded at $31.16. Approximately 145,757 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 2,214,945 shares. The stock had previously closed at $30.43.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Craig Hallum increased their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Roth Mkm boosted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Needham & Company LLC raised their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One 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 data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Stock Up 0.9 %

The stock has a market capitalization of $5.07 billion, a P/E ratio of -179.00 and a beta of 2.26. The company has a fifty day simple moving average of $29.51 and a two-hundred day simple moving average of $25.79.

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 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 net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction dated 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 owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Daniel W. Fleming sold 108,790 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the completion of the transaction, the chief financial officer now owns 676,386 shares in the company, valued at approximately $21,035,604.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,328,800 shares of company stock worth $40,168,994. Corporate insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. AMF Tjanstepension AB grew its holdings in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares during the period. Thornburg Investment Management Inc. grew its holdings in Credo Technology Group by 37.1% during the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after purchasing an additional 64,177 shares during the period. Capstone Investment Advisors LLC bought a new position in Credo Technology Group during the first quarter worth about $2,732,000. Swiss National Bank grew its holdings in Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares during the period. Finally, Castleark Management LLC bought a new position in Credo Technology Group during the first quarter worth about $3,876,000. Institutional investors own 80.46% of the company’s stock.

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.