Credo Technology Group (NASDAQ:CRDO) Trading 13.2% Higher – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 13.2% on Monday . The stock traded as high as $271.62 and last traded at $273.7810. 1,319,894 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 7,811,698 shares. The stock had previously closed at $241.91.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. Bank of America lifted their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Rosenblatt Securities raised their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Needham & Company LLC raised their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Roth Mkm lifted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group boosted their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Stock Performance

The firm has a market capitalization of $50.99 billion, a price-to-earnings ratio of 110.25, a price-to-earnings-growth ratio of 1.11 and a beta of 3.20. The firm’s 50-day moving average price is $220.92 and its two-hundred day moving average price is $160.57.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 earnings per share. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling

In related news, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the transaction, the director owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total value of $7,420,600.00. Following the completion of the sale, the chief technology officer directly owned 5,909,870 shares in the company, valued at approximately $1,594,719,320.80. This represents a 0.46% decrease in their position. 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. In the last 90 days, insiders sold 363,372 shares of company stock worth $76,926,125. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC boosted its position in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $32,000. Finally, AlphaCentric Advisors LLC bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.