Credo Technology Group (NASDAQ:CRDO) Trading Up 4.7%

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price rose 4.7% on Thursday . The company traded as high as $22.25 and last traded at $22.19. Approximately 744,681 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 2,151,746 shares. The stock had previously closed at $21.20.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of analyst reports. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Mizuho reaffirmed a "buy" rating and issued a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. TD Cowen raised their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a "market perform" rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC upped their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Credo Technology Group Stock Up 8.6 %

The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -100.09 and a beta of 1.97. The company has a 50 day simple moving average of $21.58 and a 200 day simple moving average of $19.02.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company's revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 315,601 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the completion of the sale, the chief operating officer now directly owns 1,440,000 shares in the company, valued at approximately $33,019,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Yat Tung Lam sold 315,601 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the transaction, the chief operating officer now directly owns 1,440,000 shares of the company's stock, valued at approximately $33,019,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company's stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the transaction, the general counsel now owns 218,249 shares of the company's stock, valued at approximately $4,808,025.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,092,198 shares of company stock worth $45,138,214. 23.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada acquired a new stake in Credo Technology Group during the 1st quarter valued at approximately $26,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $26,000. Advisors Asset Management Inc. increased its stake in shares of Credo Technology Group by 295.9% in the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company's stock worth $28,000 after buying an additional 1,376 shares during the last quarter. KBC Group NV bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $43,000. Finally, Altshuler Shaham Ltd bought a new position in shares of Credo Technology Group during the fourth quarter worth about $40,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.