Credo Technology Group (NASDAQ:CRDO) Trading Up 8.4% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 8.4% during trading on Friday . The stock traded as high as $250.00 and last traded at $249.89. Approximately 4,215,354 shares were traded during trading, a decline of 44% from the average session volume of 7,521,696 shares. The stock had previously closed at $230.43.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Finally, Bank of America boosted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $266.17.

Credo Technology Group Price Performance

The company has a market capitalization of $46.60 billion, a price-to-earnings ratio of 100.76, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23. The business has a fifty day moving average price of $237.43 and a 200 day moving average price of $174.54.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The business 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 company’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 435,076 shares of company stock valued at $101,043,506. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its holdings in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its holdings in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in Credo Technology Group during the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC raised its position in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.