Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase Following Earnings Beat

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 8,499,081 shares traded hands during trading, an increase of 128% from the previous session's volume of 3,726,637 shares.The stock last traded at $78.39 and had previously closed at $62.65.

The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the firm posted $0.07 earnings per share. The company's quarterly revenue was up 179.6% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities analysts have commented on CRDO shares. Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Barclays upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday. Susquehanna upped their target price on shares of Credo Technology Group from $60.00 to $90.00 and gave the stock a "positive" rating in a research report on Tuesday. TD Cowen upped their target price on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $78.60.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares of the company's stock, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Laufman sold 8,000 shares of the company's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company's stock, valued at $10,621,730.25. The trade was a 2.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 473,665 shares of company stock valued at $19,795,531. Corporate insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Operose Advisors LLC increased its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Credo Technology Group during the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the first quarter worth $27,000. Harbour Investments Inc. bought a new stake in shares of Credo Technology Group during the first quarter worth $29,000. Finally, Virtus Advisers LLC bought a new stake in shares of Credo Technology Group during the first quarter worth $31,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

The company's 50-day moving average price is $48.95 and its 200-day moving average price is $57.93. The company has a market cap of $12.98 billion, a P/E ratio of -509.73 and a beta of 2.29.

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.