Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Rating of “Moderate Buy” from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given an average rating of “Moderate Buy” by the nine analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $36.56.

Several equities research analysts have commented on the company. Roth Mkm upped their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Barclays increased their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Mizuho lifted their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $40.13 on Thursday. Credo Technology Group has a 1 year low of $13.53 and a 1 year high of $41.92. The company has a market capitalization of $6.63 billion, a PE ratio of -222.94 and a beta of 2.24. The company has a fifty day moving average of $33.04 and a 200 day moving average of $27.92.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Research analysts expect that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,389,817 shares of company stock valued at $44,436,836 over the last quarter. 23.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Credo Technology Group during the 1st quarter worth $319,000. Capstone Investment Advisors LLC purchased a new position in Credo Technology Group during the first quarter worth about $2,732,000. Jennison Associates LLC boosted its holdings in Credo Technology Group by 1.9% in the 1st quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after purchasing an additional 45,396 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Credo Technology Group in the 1st quarter valued at about $547,000. Finally, Lisanti Capital Growth LLC increased its holdings in shares of Credo Technology Group by 424.1% during the 1st quarter. Lisanti Capital Growth LLC now owns 299,750 shares of the company’s stock worth $6,352,000 after buying an additional 242,555 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.