Credo Technology Group (NASDAQ:CRDO) Trading Up 4.4% – What’s Next?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were up 4.4% on Thursday . The stock traded as high as $75.07 and last traded at $74.78. Approximately 1,794,257 shares traded hands during trading, a decline of 66% from the average daily volume of 5,349,405 shares. The stock had previously closed at $71.64.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Noble Financial raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. TD Cowen raised their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $78.60.

Credo Technology Group Stock Down 1.1%

The business’s fifty day simple moving average is $53.72 and its two-hundred day simple moving average is $59.25. The company has a market cap of $12.48 billion, a price-to-earnings ratio of -489.93 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company’s quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares of the company’s stock, valued at approximately $261,656,321.92. The trade was a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 12,498 shares of the business’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $73.57, for a total transaction of $919,477.86. Following the sale, the chief financial officer now owns 589,854 shares in the company, valued at $43,395,558.78. The trade was a 2.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 679,594 shares of company stock valued at $35,108,005 in the last ninety days. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Norges Bank acquired a new position in Credo Technology Group during the fourth quarter worth about $117,242,000. Nuveen LLC purchased a new stake in shares of Credo Technology Group in the 1st quarter worth about $52,636,000. Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after buying an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc boosted its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after buying an additional 1,150,084 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after buying an additional 795,751 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.