Credo Technology Group (NASDAQ:CRDO) Shares Up 10.8% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 10.8% during trading on Tuesday. The stock traded as high as $168.26 and last traded at $167.43. Approximately 7,755,065 shares changed hands during trading, an increase of 2% from the average session volume of 7,617,160 shares. The stock had previously closed at $151.15.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. JPMorgan Chase & Co. lowered their price target 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. Evercore set a $292.00 price objective on Credo Technology Group in a report on Wednesday, September 2nd. Stifel Nicolaus lowered their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Bank of America dropped their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Trading Up 10.8%

The company has a 50 day simple moving average of $195.15 and a 200 day simple moving average of $180.50. The stock has a market capitalization of $31.47 billion, a PE ratio of 59.58, a P/E/G ratio of 0.59 and a beta of 3.25.

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

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% 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, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated 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 transaction, the chief technology officer directly owned 5,662,397 shares in the company, valued at $1,098,108,650.21. This represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 457,952 shares of company stock valued at $90,919,736 over the last quarter. Insiders own 9.06% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Orion Capital Management LLC acquired a new position in Credo Technology Group in the second quarter valued at approximately $27,000. AlphaCentric Advisors LLC bought a new stake in Credo Technology Group in the first quarter valued at $33,000. Burkett Financial Services LLC bought a new position in shares of Credo Technology Group during the third quarter worth about $33,000. Western Wealth Management LLC bought a new position in shares of Credo Technology Group during the first quarter worth about $38,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Credo Technology Group by 4,900.0% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 196 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

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.