Credo Technology Group (NASDAQ:CRDO) Shares Up 2.4% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 2.4% on Wednesday . The company traded as high as $198.58 and last traded at $198.29. 6,018,090 shares changed hands during trading, a decline of 15% from the average session volume of 7,119,619 shares. The stock had previously closed at $193.57.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CRDO. Roth Mkm lowered their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Jefferies Financial Group initiated coverage on Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective for the company. Craig Hallum reissued a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Barclays reissued an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, Mizuho reduced their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Up 0.1%

The business has a 50-day simple moving average of $130.21 and a two-hundred day simple moving average of $140.68. The company has a market cap of $34.77 billion, a price-to-earnings ratio of 104.73 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the transaction, the chief technology officer directly owned 6,024,870 shares in the company, valued at approximately $1,078,391,481.30. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total value of $1,156,935.40. Following the completion of the transaction, the chief financial officer owned 433,678 shares in the company, valued at $66,192,273.14. The trade was a 1.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 386,608 shares of company stock worth $50,371,351 over the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC bought a new position in shares of Credo Technology Group in the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the period. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

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.