Credo Technology Group (NASDAQ:CRDO) Trading 6.1% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were up 6.1% on Thursday . The company traded as high as $244.46 and last traded at $240.24. Approximately 4,190,785 shares were traded during trading, a decline of 42% from the average session volume of 7,235,121 shares. The stock had previously closed at $226.49.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. Jefferies Financial Group raised their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Mizuho lifted their target price on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Susquehanna boosted their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Finally, Evercore assumed coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Trading Up 6.1%

The company’s fifty day moving average is $240.05 and its 200-day moving average is $185.65. The firm has a market capitalization of $44.80 billion, a P/E ratio of 96.87, a P/E/G ratio of 1.04 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s revenue was up 157.0% compared to the same quarter last year. During the same period last year, the business posted $0.20 earnings per share. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 in the last 90 days. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the stock. Reflection Asset Management acquired a new stake in Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at about $25,000. Orion Capital Management LLC bought a new stake in shares of Credo Technology Group in the second quarter valued at about $27,000. AlphaCentric Advisors LLC bought a new stake in shares of Credo Technology Group in the first quarter valued at about $33,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the fourth quarter worth about $37,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

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.