Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CFO Daniel W. Fleming sold 12,498 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $73.57, for a total transaction of $919,477.86. Following the transaction, the chief financial officer now owns 589,854 shares of the company's stock, valued at approximately $43,395,558.78. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Credo Technology Group Stock Down 2.6%
NASDAQ CRDO traded down $1.87 during trading on Monday, hitting $71.09. The stock had a trading volume of 6,543,002 shares, compared to its average volume of 3,857,842. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69. The company has a market capitalization of $12.07 billion, a PE ratio of -473.93 and a beta of 2.42. The firm has a 50 day moving average price of $50.79 and a 200 day moving average price of $58.72.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company's revenue for the quarter was up 179.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.
Institutional Investors Weigh In On Credo Technology Group
Several institutional investors have recently added to or reduced their stakes in the business. Operose Advisors LLC lifted its position 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 acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $27,000. Harbour Investments Inc. purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $29,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.
Analyst Ratings Changes
A number of research analysts have weighed in on the stock. Stifel Nicolaus raised their target price 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, June 3rd. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. TD Cowen lifted their price target on Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Susquehanna reissued a "positive" rating and issued a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $78.60.
Check Out Our Latest Stock Report on Credo Technology Group
About Credo Technology Group
(
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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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