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

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CRDO shares. JPMorgan Chase & Co. reduced their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Mizuho lowered their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, September 21st. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Stifel Nicolaus lowered their price target 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. Finally, Bank of America cut their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Down 7.0%

The company has a fifty day moving average price of $191.39 and a two-hundred day moving average price of $180.79. The firm has a market capitalization of $30.37 billion, a price-to-earnings ratio of 57.58, a P/E/G ratio of 0.59 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Yat Lam sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $205.22, for a total value of $10,261,000.00. Following the completion of the sale, the chief operating officer directly owned 2,254,169 shares of the company’s stock, valued at $462,600,562.18. This trade represents a 2.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total value of $1,613,857.80. Following the transaction, the chief financial officer directly owned 492,208 shares in the company, valued at $104,796,005.28. This represents a 1.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 457,952 shares of company stock worth $90,919,736. 9.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its stake in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares during the period. Corsair Capital Management L.P. acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $469,000. Lazard Asset Management LLC increased its stake in shares of Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after acquiring an additional 23,949 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after acquiring an additional 13,859 shares during the period. Finally, Estuary Capital Management LP boosted its position in shares of Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after acquiring an additional 192,218 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.