Credo Technology Group (NASDAQ:CRDO) Trading Up 8.3% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 8.3% on Friday . The company traded as high as $151.42 and last traded at $150.13. 9,610,143 shares traded hands during mid-day trading, an increase of 73% from the average session volume of 5,570,583 shares. The stock had previously closed at $138.57.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. Needham & Company LLC raised their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday. Bank of America increased their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

The company has a market cap of $27.12 billion, a price-to-earnings ratio of 131.69 and a beta of 2.63. The company has a fifty day moving average of $156.13 and a two-hundred day moving average of $128.89.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 earnings per share. Equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00. Following the transaction, the chief technology officer directly owned 6,778,961 shares in the company, valued at $1,003,828,544.88. The trade was a 0.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,311,246 shares of company stock valued at $200,335,333. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently bought and sold shares of CRDO. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group in the first quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter valued at $25,000. First Horizon Corp bought a new position in Credo Technology Group in the 3rd quarter valued at about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the 2nd quarter valued at about $27,000. Finally, Virtus Advisers LLC bought a new stake in Credo Technology Group during the 1st quarter worth approximately $31,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.