Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $42.74 and last traded at $42.42, with a volume of 82993 shares. The stock had previously closed at $40.07.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC lifted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Mizuho boosted their price objective on 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, Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, 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 $7.00 billion, a price-to-earnings ratio of -250.44 and a beta of 2.19. The business has a fifty day moving average price of $33.35 and a 200 day moving average price of $28.50.

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 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 net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the completion of the sale, the chief operating officer now directly owns 2,807,777 shares of the company’s stock, valued at approximately $77,691,189.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the sale, the chief operating officer now owns 2,807,777 shares of the company’s stock, valued at approximately $77,691,189.59. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,389,817 shares of company stock valued at $44,436,836. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Assetmark Inc. increased its holdings in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the period. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. CWM LLC raised its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. US Bancorp DE lifted its stake in shares of Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares in the last quarter. Finally, Allworth Financial LP raised its position in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the last quarter. Hedge funds and other 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.