Credo Technology Group (NASDAQ:CRDO) Shares Up 10.8% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 10.8% during mid-day trading on Monday . The stock traded as high as $124.33 and last traded at $123.41. 8,051,327 shares changed hands during mid-day trading, an increase of 17% from the average session volume of 6,870,888 shares. The stock had previously closed at $111.40.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Susquehanna upped their price objective on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Bank of America boosted their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Mizuho increased their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $216.54.

Credo Technology Group Price Performance

The stock has a 50 day moving average price of $144.08 and a two-hundred day moving average price of $142.69. The company has a market capitalization of $22.29 billion, a price-to-earnings ratio of 97.72 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company’s revenue was up 272.1% on a year-over-year basis. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the transaction, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Crewe Advisors LLC raised its stake in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter worth $25,000. First Horizon Corp acquired a new stake in Credo Technology Group during the 3rd quarter worth $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $36,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.