Credo Technology Group (NASDAQ:CRDO) Stock Price Up 11% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 11% on Tuesday . The stock traded as high as $275.43 and last traded at $272.7490. 8,011,500 shares changed hands during trading, an increase of 2% from the average daily volume of 7,860,401 shares. The stock had previously closed at $245.68.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Rosenblatt Securities increased their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Jefferies Financial Group lifted their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Susquehanna boosted their price objective on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research note on Tuesday, June 2nd. Finally, Roth Mkm upped their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Buy” and an average price target of $263.11.

Credo Technology Group Trading Up 11.0%

The stock’s 50-day moving average price is $214.77 and its 200-day moving average price is $157.64. The company has a market cap of $50.86 billion, a P/E ratio of 109.98, a PEG ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business 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 for the quarter was up 157.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Sylvia Acevedo sold 2,208 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the transaction, the director directly owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 389,384 shares of company stock valued at $74,982,168. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares during the last quarter. M&T Bank Corp raised its position in Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after buying an additional 10,888 shares during the last quarter. FengHe Fund Management Pte. Ltd. raised its position in Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares during the last quarter. TD Asset Management Inc bought a new position in Credo Technology Group during the 3rd quarter valued at $17,454,000. Finally, Second Line Capital LLC bought a new position in Credo Technology Group during the 3rd quarter valued at $4,283,000. 80.46% of the stock is owned by institutional investors.

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.