Credo Technology Group (NASDAQ:CRDO) Shares Climb 7.8% – Still a Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 7.8% during trading on Tuesday. The company traded as high as $152.62 and last traded at $150.91. 6,026,835 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 7,619,412 shares. The stock had previously closed at $140.02.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Stifel Nicolaus dropped their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. JPMorgan Chase & Co. decreased their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, TD Cowen increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Performance

The firm’s fifty day moving average price is $186.58 and its 200 day moving average price is $180.74. The firm has a market cap of $28.36 billion, a P/E ratio of 53.70, a price-to-earnings-growth ratio of 0.69 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm’s revenue was up 114.7% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Lam sold 50,000 shares of the firm’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the transaction, the chief operating officer owned 2,479,169 shares in the company, valued at approximately $511,452,564.70. This trade represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the completion of the sale, the chief technology officer owned 5,662,397 shares of the company’s stock, valued at approximately $1,098,108,650.21. The trade was a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock worth $67,200,077 in the last 90 days. Insiders own 9.06% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Orion Capital Management LLC acquired a new stake in Credo Technology Group in the second quarter valued at $27,000. Hoey Investments Inc. bought a new position in Credo Technology Group during the third quarter worth $31,000. AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter worth about $33,000. Burkett Financial Services LLC bought a new stake in shares of Credo Technology Group during the third quarter valued at about $33,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the first quarter valued at $38,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.