Credo Technology Group (NASDAQ:CRDO) Shares Up 10% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 10% during trading on Monday . The stock traded as high as $146.78 and last traded at $146.8260. 843,258 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 5,380,461 shares. The stock had previously closed at $133.49.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Mizuho upped their price target on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a research report on Thursday, September 4th. Needham & Company LLC increased their target price on shares of Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. TD Cowen initiated coverage on Credo Technology Group in a research report on Wednesday, October 1st. They issued a “buy” rating and a $170.00 price objective on the stock. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $140.36.

Credo Technology Group Trading Up 12.6%

The firm has a market capitalization of $26.01 billion, a P/E ratio of 222.49 and a beta of 2.62. The stock has a 50 day simple moving average of $152.85 and a 200-day simple moving average of $116.18.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The company had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same period last year, the business earned $0.04 EPS. The firm’s quarterly revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, Director Manpreet Khaira sold 5,000 shares of Credo Technology Group stock in a transaction on Monday, October 13th. The stock was sold at an average price of $149.67, for a total transaction of $748,350.00. Following the completion of the sale, the director directly owned 58,574 shares in the company, valued at approximately $8,766,770.58. This trade represents a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the transaction, the chief technology officer directly owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. This trade represents a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 973,161 shares of company stock worth $149,011,579. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. CIBC Private Wealth Group LLC boosted its stake in Credo Technology Group by 14.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after purchasing an additional 111 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $2,301,000. WBI Investments LLC purchased a new stake in shares of Credo Technology Group in the third quarter valued at approximately $451,000. Coldstream Capital Management Inc. acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $303,000. Finally, Danske Bank A S purchased a new position in shares of Credo Technology Group in the third quarter valued at approximately $4,328,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

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.