Credo Technology Group (NASDAQ:CRDO) Shares Up 5.7% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price shot up 5.7% on Tuesday . The stock traded as high as $53.23 and last traded at $53.30. 5,159,303 shares were traded during mid-day trading, a decline of 6% from the average session volume of 5,504,993 shares. The stock had previously closed at $50.42.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRDO. Needham & Company LLC upped their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Susquehanna assumed coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Up 7.7 %

The stock has a 50 day simple moving average of $70.63 and a 200 day simple moving average of $52.03. The company has a market cap of $9.08 billion, a price-to-earnings ratio of -362.13 and a beta of 2.09.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. As a group, equities research analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,338,175 shares of company stock valued at $92,697,698 over the last 90 days. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the third quarter worth approximately $3,948,000. Wellington Management Group LLP grew its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in shares of Credo Technology Group during the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after buying an additional 118,169 shares in 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.