Credo Technology Group (NASDAQ:CRDO) Stock Price Up 8.2% - Here's What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares were up 8.2% on Tuesday . The stock traded as high as $90.59 and last traded at $91.49. Approximately 3,164,902 shares traded hands during trading, a decline of 21% from the average daily volume of 4,023,518 shares. The stock had previously closed at $84.57.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRDO. Mizuho lowered their price objective 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. TD Cowen upped their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Stifel Nicolaus upped their price target 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. Finally, Roth Capital set a $95.00 price objective on Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $81.00.

Credo Technology Group Stock Up 7.5%

The company has a market cap of $15.43 billion, a PE ratio of 337.11, a P/E/G ratio of 1.53 and a beta of 2.42. The stock has a 50-day moving average of $58.96 and a 200-day moving average of $60.27.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. Credo Technology Group's revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 earnings per share. Research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the transaction, the director now directly owns 5,900,527 shares of the company's stock, valued at approximately $271,483,247.27. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director now directly owns 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 958,891 shares of company stock worth $60,376,555. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Credo Technology Group in the 4th quarter worth $117,242,000. Nuveen LLC purchased a new position in shares of Credo Technology Group during the first quarter valued at approximately $52,636,000. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after acquiring an additional 1,305,594 shares during the period. Polar Capital Holdings Plc increased its position in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted 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 purchasing an additional 795,751 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.

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