Credo Technology Group (NASDAQ:CRDO) Hits New 12-Month High – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $50.32 and last traded at $50.23, with a volume of 564510 shares changing hands. The stock had previously closed at $45.71.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays raised their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Mizuho upped their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC upped their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Stock Performance

The company has a market cap of $8.47 billion, a P/E ratio of -313.94 and a beta of 2.19. The firm’s fifty day moving average is $38.85 and its two-hundred day moving average is $31.75.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to the consensus estimate 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, equities research analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the completion of the transaction, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. This represents a 0.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now owns 2,638,725 shares in the company, valued at $80,481,112.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,324,817 shares of company stock worth $43,552,936 over the last quarter. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in CRDO. Advisors Asset Management Inc. grew its position in Credo Technology Group by 47.6% in the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after acquiring an additional 1,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Credo Technology Group by 10.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after purchasing an additional 6,813 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new stake in Credo Technology Group during the 1st quarter valued at $352,000. California State Teachers Retirement System lifted its position in Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after buying an additional 9,218 shares during the last quarter. Finally, Marathon Strategic Advisors LLC purchased a new position in Credo Technology Group during the second quarter worth $240,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.