Credo Technology Group (NASDAQ:CRDO) Trading Up 2.1% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was up 2.1% during mid-day trading on Thursday . The stock traded as high as $131.63 and last traded at $130.66. Approximately 3,335,667 shares traded hands during trading, a decline of 52% from the average daily volume of 6,884,343 shares. The stock had previously closed at $127.91.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRDO. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a research report on Tuesday, December 2nd. Finally, Bank of America increased their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.29.

Credo Technology Group Price Performance

The stock has a market capitalization of $23.60 billion, a P/E ratio of 114.62 and a beta of 2.65. The stock’s fifty day moving average is $136.86 and its two-hundred day moving average is $143.28.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the firm posted $0.07 EPS. The company’s quarterly revenue was up 272.1% on a year-over-year basis. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $128.67, for a total value of $241,256.25. Following the completion of the sale, the director owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the transaction, the chief technology officer owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 917,976 shares of company stock valued at $136,567,647 over the last three months. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the third quarter valued at approximately $25,000. Crewe Advisors LLC boosted its stake in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. First Horizon Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Credo Technology Group in the second quarter worth $27,000. Hedge funds and other institutional investors 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.