Credo Technology Group (NASDAQ:CRDO) Trading Up 9.8% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 9.8% during mid-day trading on Monday . The company traded as high as $280.50 and last traded at $265.55. 7,477,536 shares changed hands during trading, a decline of 5% from the average session volume of 7,868,352 shares. The stock had previously closed at $241.91.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Susquehanna lifted their price target on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus boosted their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Bank of America boosted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Trading Up 9.8%

The business has a 50-day moving average price of $220.92 and a 200 day moving average price of $160.57. The stock has a market capitalization of $49.52 billion, a P/E ratio of 107.08, a P/E/G ratio of 1.11 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 EPS. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 363,372 shares of company stock worth $76,926,125 over the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRDO. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter worth $32,000. Finally, AlphaCentric Advisors LLC purchased a new position in Credo Technology Group during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.