Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped up prior to trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $31.00 to $65.00. The stock had previously closed at $47.80, but opened at $64.45. The Goldman Sachs Group currently has a buy rating on the stock. Credo Technology Group shares last traded at $65.92, with a volume of 4,068,412 shares changing hands.

A number of other equities research analysts have also weighed in on CRDO. TD Cowen lifted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus price target of $67.33.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 108,790 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the completion of the sale, the chief financial officer now directly owns 676,386 shares of the company’s stock, valued at $21,035,604.60. The trade was a 13.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,337,321 shares of company stock worth $45,067,180. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Price T Rowe Associates Inc. MD boosted its position in Credo Technology Group by 10.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after purchasing an additional 6,813 shares during the period. California State Teachers Retirement System boosted its position in Credo Technology Group by 7.7% in the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after buying an additional 9,218 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Credo Technology Group in the 2nd quarter valued at about $392,000. CWM LLC boosted its position in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Credo Technology Group in the 2nd quarter valued at about $1,908,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 2.4 %

The business’s 50-day simple moving average is $41.20 and its two-hundred day simple moving average is $32.98. The company has a market capitalization of $11.46 billion, a PE ratio of -460.07 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.