Craig Hallum Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price objective increased by analysts at Craig Hallum from $38.00 to $75.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s price target would indicate a potential upside of 6.25% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Barclays lifted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday. Mizuho upped their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research note on Tuesday. Finally, TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $63.56.

Credo Technology Group Trading Up 47.7 %

Shares of NASDAQ:CRDO traded up $22.79 during trading on Tuesday, hitting $70.59. 10,899,651 shares of the stock were exchanged, compared to its average volume of 2,320,208. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $71.20. The company has a market cap of $11.72 billion, a PE ratio of -441.19 and a beta of 2.26. The company has a fifty day moving average price of $39.60 and a two-hundred day moving average price of $32.37.

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

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group 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 completion of the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,885,840 shares in the company, valued at $79,908,909.60. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,269,817 shares of company stock valued at $41,789,636 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its position in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group during the 2nd quarter valued at $29,000. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth $30,000. Fifth Third Bancorp increased its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the period. Institutional investors and hedge funds 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.