Credo Technology Group (NASDAQ:CRDO) Trading Up 4.5%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded up 4.5% during mid-day trading on Wednesday . The company traded as high as $18.42 and last traded at $18.39. 130,678 shares were traded during trading, a decline of 94% from the average session volume of 2,138,150 shares. The stock had previously closed at $17.59.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Craig Hallum raised their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. TD Cowen lifted their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Finally, Mizuho reiterated a “buy” rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Credo Technology Group Trading Up 0.3 %

The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -76.48 and a beta of 1.97. The firm has a 50 day moving average price of $21.09 and a 200-day moving average price of $19.24.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same quarter in the previous year, the company posted $0.02 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $21.33, for a total transaction of $2,772,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,270,000 shares of the company’s stock, valued at approximately $48,419,100. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $17.31, for a total transaction of $952,050.00. Following the completion of the transaction, the chief technology officer now directly owns 9,828,602 shares of the company’s stock, valued at approximately $170,133,100.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $21.33, for a total transaction of $2,772,900.00. Following the transaction, the chief operating officer now directly owns 2,270,000 shares of the company’s stock, valued at $48,419,100. The disclosure for this sale can be found here. Insiders sold 1,796,335 shares of company stock worth $39,371,834 in the last 90 days. 23.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRDO. Asset Management One Co. Ltd. acquired a new position in Credo Technology Group during the 3rd quarter worth $95,000. Banque Cantonale Vaudoise acquired a new position in Credo Technology Group during the 1st quarter worth $97,000. Assetmark Inc. boosted its holdings in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at about $166,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at about $179,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.