Credo Technology Group (NASDAQ:CRDO) Shares Up 8.9% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 8.9% during mid-day trading on Wednesday. The company traded as high as $148.19 and last traded at $141.41. Approximately 8,146,755 shares traded hands during trading, an increase of 6% from the average session volume of 7,693,591 shares. The stock had previously closed at $129.80.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRDO shares. Mizuho cut their price target on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. TD Cowen increased their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Bank of America dropped their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. cut their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Trading Up 8.9%

The company’s fifty day simple moving average is $174.75 and its 200 day simple moving average is $180.23. The stock has a market capitalization of $26.58 billion, a P/E ratio of 50.32, a P/E/G ratio of 0.53 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the prior year, the firm posted $0.52 earnings per share. The business’s quarterly revenue was up 114.7% on a year-over-year basis. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO William Brennan sold 16,672 shares of Credo Technology Group stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the completion of the sale, the chief executive officer owned 1,600,830 shares in the company, valued at approximately $243,134,060.40. This trade represents a 1.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the transaction, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. The trade was a 1.98% 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. Insiders sold a total of 352,538 shares of company stock worth $67,200,077 over the last ninety days. 9.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. bought a new position in Credo Technology Group in the third quarter valued at $518,000. Edmond DE Rothschild Holding S.A. lifted its stake in Credo Technology Group by 152.0% during the third quarter. Edmond DE Rothschild Holding S.A. now owns 1,482 shares of the company’s stock worth $289,000 after purchasing an additional 894 shares during the last quarter. Westpac Banking Corp purchased a new position in shares of Credo Technology Group in the 3rd quarter worth about $137,000. Private Advisor Group LLC boosted its holdings in shares of Credo Technology Group by 110.3% in the 3rd quarter. Private Advisor Group LLC now owns 13,825 shares of the company’s stock worth $2,693,000 after purchasing an additional 7,251 shares in the last quarter. Finally, Ieq Capital LLC increased its position in shares of Credo Technology Group by 83.0% during the 3rd quarter. Ieq Capital LLC now owns 3,346 shares of the company’s stock valued at $652,000 after purchasing an additional 1,518 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.