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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $236.88, but opened at $252.51. Credo Technology Group shares last traded at $242.0270, with a volume of 538,238 shares changing hands.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research reports. Bank of America increased their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Needham & Company LLC upped their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a 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 company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Trading Down 4.0%

The business’s 50-day simple moving average is $231.43 and its two-hundred day simple moving average is $166.44. The firm has a market cap of $42.28 billion, a price-to-earnings ratio of 91.43, a P/E/G ratio of 1.08 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the company earned $0.20 EPS. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares in the company, valued at $3,447,107. This represents a 11.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 329,662 shares of company stock worth $76,068,196. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the business. Accel Wealth Management acquired a new position in Credo Technology Group in the second quarter valued at approximately $383,000. Nolet Wealth Management LLC acquired a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $214,000. Generali Investments Management Co LLC acquired a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $695,000. Redhawk Wealth Advisors Inc. bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at $243,000. Finally, Wealthcare Advisory Partners LLC lifted its position in shares of Credo Technology Group by 3.0% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company’s stock valued at $940,000 after acquiring an additional 101 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.