Credo Technology Group (NASDAQ:CRDO) Trading Up 3.2% - What's Next?

Key Points

• Credo Technology shares rose 3.2% to about $247.69, although trading volume was 67% below the average session volume.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $266.17; targets range from $215 to $325.
• The company reported quarterly EPS of $1.16 and revenue of $437 million, beating estimates, while revenue increased 157% year over year. Insiders have sold roughly $101 million of stock over the past 90 days.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares rose 3.2% on Tuesday . The stock traded as high as $247.78 and last traded at $247.69. Approximately 2,428,539 shares traded hands during trading, a decline of 67% from the average session volume of 7,468,853 shares. The stock had previously closed at $239.93.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of analyst reports. Zacks Research lowered shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Mizuho raised their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. Finally, Evercore began coverage on Credo Technology Group in a report on Monday, June 22nd. They set an "outperform" rating and a $325.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $266.17.

Credo Technology Group Trading Up 3.2%

The firm has a market cap of $46.19 billion, a PE ratio of 99.88, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23. The company has a 50 day moving average price of $237.71 and a 200 day moving average price of $175.32.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to analysts' expectations of $431.80 million. During the same period in the previous year, the firm posted $0.20 earnings per share. Credo Technology Group's revenue was up 157.0% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 435,076 shares of company stock valued at $101,043,506. Insiders own 11.84% of the company's stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently made changes to their positions in the stock. Reflection Asset Management purchased a new position in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $36,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Company Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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