Credo Technology Group (NASDAQ:CRDO) Trading Up 4.4% - Here's What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price was up 4.4% during mid-day trading on Thursday . The company traded as high as $75.07 and last traded at $74.78. Approximately 1,794,257 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 5,349,405 shares. The stock had previously closed at $71.64.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRDO shares. Susquehanna reissued a "positive" rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus lifted their target price on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Mizuho dropped their target price on 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. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $78.60.

Credo Technology Group Stock Performance

The stock has a market cap of $12.48 billion, a price-to-earnings ratio of -489.93 and a beta of 2.42. The company has a 50-day simple moving average of $53.72 and a two-hundred day simple moving average of $59.34.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The firm's revenue was up 179.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 EPS. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 75,000 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $75.20, for a total transaction of $5,640,000.00. Following the transaction, the director now directly owns 888,725 shares of the company's stock, valued at approximately $66,832,120. The trade was a 7.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $77.35, for a total value of $293,156.50. Following the completion of the sale, the chief financial officer now owns 602,352 shares of the company's stock, valued at $46,591,927.20. This trade represents a 0.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 679,594 shares of company stock valued at $35,108,005. 16.04% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at $38,000. Operose Advisors LLC boosted its stake in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group in the 1st quarter valued at $25,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group in the 4th quarter valued at $43,000. Finally, Principal Securities Inc. boosted its stake in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.