Credo Technology Group (NASDAQ:CRDO) Shares Up 4% – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were up 4% during mid-day trading on Thursday . The company traded as high as $38.50 and last traded at $38.47. Approximately 133,453 shares changed hands during trading, a decline of 94% from the average daily volume of 2,227,153 shares. The stock had previously closed at $36.99.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC lifted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Stifel Nicolaus lifted their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Bank of America raised their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $35.44.

Credo Technology Group Trading Up 3.4 %

The company has a market cap of $6.32 billion, a PE ratio of -205.50 and a beta of 2.24. The business has a fifty day simple moving average of $31.26 and a two-hundred day simple moving average of $26.78.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 15,281 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $39.05, for a total value of $596,723.05. Following the transaction, the director now owns 1,748,444 shares of the company’s stock, valued at approximately $68,276,738.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,444,817 shares of company stock worth $45,366,886. 23.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group during the second quarter worth $29,000. Fifth Third Bancorp raised its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC lifted its position in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the last quarter. Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the second quarter valued at $51,000. Finally, Covestor Ltd lifted its holdings in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.