Credo Technology Group (CRDO) Set to Announce Earnings on Wednesday

Credo Technology Group (NASDAQ:CRDO) is scheduled to be posting its quarterly earnings results after the market closes on Wednesday, May 29th. Analysts expect Credo Technology Group to post earnings of $0.05 per share for the quarter. Credo Technology Group has set its Q4 2024 guidance at EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same quarter in the previous year, the business earned $0.02 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts expect Credo Technology Group to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $19.97 on Monday. Credo Technology Group has a 1-year low of $11.14 and a 1-year high of $23.90. The business has a 50-day moving average of $19.50 and a 200-day moving average of $19.77. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of -86.83 and a beta of 2.03.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 215,364 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $22.92, for a total transaction of $4,936,142.88. Following the completion of the sale, the chief operating officer now directly owns 1,200,000 shares of the company’s stock, valued at approximately $27,504,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Yat Tung Lam sold 215,364 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $22.92, for a total value of $4,936,142.88. Following the completion of the sale, the chief operating officer now owns 1,200,000 shares in the company, valued at $27,504,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.55, for a total value of $308,250.00. Following the sale, the chief executive officer now owns 3,082,500 shares of the company’s stock, valued at $63,345,375. The disclosure for this sale can be found here. Insiders sold a total of 1,078,751 shares of company stock valued at $22,727,047 in the last three months. 23.89% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRDO shares. The Goldman Sachs Group upped their target price on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Needham & Company LLC upped their price objective on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. TD Cowen increased their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Finally, Craig Hallum raised their target price on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.