Credo Technology Group (NASDAQ:CRDO) Raised to “Buy” at Bank of America

Credo Technology Group (NASDAQ:CRDO) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a $80.00 price objective on the stock. Bank of America‘s price objective would suggest a potential upside of 67.36% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Mizuho raised their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus boosted their target price on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $50.44.

Credo Technology Group Stock Performance

CRDO stock opened at $47.80 on Tuesday. Credo Technology Group has a one year low of $16.82 and a one year high of $51.40. The firm has a market cap of $7.94 billion, a price-to-earnings ratio of -298.75 and a beta of 2.26. The firm has a 50-day simple moving average of $39.60 and a two-hundred day simple moving average of $32.37.

Credo Technology Group (NASDAQ:CRDO) last issued 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). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The company had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. As a group, equities analysts predict that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now owns 302,466 shares of the company’s stock, valued at $9,485,333.76. The trade was a 6.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated 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 owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,269,817 shares of company stock valued at $41,789,636 in the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group in the 2nd quarter worth about $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the third quarter valued at $30,000. Fifth Third Bancorp increased its holdings in 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 acquiring an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.