Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) gapped up prior to trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. The stock had previously closed at $33.71, but opened at $34.39. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group shares last traded at $34.65, with a volume of 414,042 shares trading hands.
A number of other research firms have also recently issued reports on CRDO. Bank of America lifted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Barclays lifted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Craig Hallum boosted their target price 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.22.
View Our Latest Report on Credo Technology Group
Insider Buying and Selling at Credo Technology Group
Institutional Investors Weigh In On Credo Technology Group
Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at $29,000. Fifth Third Bancorp boosted its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd boosted its stake in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares in the last quarter. CWM LLC boosted its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new position in Credo Technology Group during the 2nd quarter worth about $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.
Credo Technology Group Stock Performance
The company’s 50-day moving average is $30.05 and its 200-day moving average is $26.22. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -195.39 and a beta of 2.24.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) 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%. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current 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.
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