Credo Technology Group (NASDAQ:CRDO) Trading Up 5.7% – Time to Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 5.7% during mid-day trading on Thursday . The company traded as high as $195.70 and last traded at $193.39. Approximately 6,688,027 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 7,063,379 shares. The stock had previously closed at $182.98.

Key Stories Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo announced a partnership with Rebellions to integrate its ZeroFlap cables into RebelPOD, a move aimed at improving efficiency in enterprise AI factories and expanding Credo’s role in AI data-center connectivity. Article: AI Factory Partnership With Rebellions Sends Credo’s Shares Up 8%
• Positive Sentiment: Zacks upgraded Credo from hold to strong-buy, reinforcing bullish sentiment around the stock after its recent pullback. Article: Credo Technology Group was upgraded by Zacks Research from “hold” to “strong-buy”.
• Positive Sentiment: Multiple bullish articles described Credo as benefiting from the AI boom, with investors viewing it as a high-upside semiconductor and connectivity play tied to growing AI data-center spending. Article: Bull of the Day: Credo Technology Group (CRDO)
• Positive Sentiment: Recent analyst and market commentary also framed CRDO as one of the better AI connectivity stocks, citing growth from active electrical cables, new product families, and the DustPhotonics deal. Article: CRDO vs. COHR: Which AI Connectivity Stock Is the Better Buy?
• Neutral Sentiment: Credo also announced upcoming investor conference presentations, which may help keep the stock in focus but do not by themselves change the earnings outlook. Article: Credo to Present at Upcoming Investor Conferences
• Neutral Sentiment: One Seeking Alpha article took the opposite view, calling the recent reversal a warning sign, but this appears to be a minority bearish take amid otherwise strong momentum. Article: Credo: This Untimely Reversal Is A Big Warning (Rating Downgrade)

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRDO shares. The Goldman Sachs Group increased their price target on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Roth Mkm reduced their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Mizuho reduced their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Finally, Jefferies Financial Group started coverage on Credo Technology Group in a research report on Monday, April 13th. They issued a “buy” rating and a $175.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $207.71.

Credo Technology Group Stock Performance

The firm has a 50-day moving average price of $143.14 and a two-hundred day moving average price of $142.48. The firm has a market cap of $35.67 billion, a price-to-earnings ratio of 107.44 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 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The firm’s revenue was up 201.5% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 386,608 shares of company stock valued at $50,371,351. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $25,000. Crewe Advisors LLC increased its position in 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 period. Reflection Asset Management acquired a new position in Credo Technology Group during the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth approximately $25,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth approximately $32,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.