Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase Following Analyst Upgrade

Posted by on Aug 26th, 2023

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) shares saw unusually-high trading volume on Friday after Needham & Company LLC raised their price target on the stock from $17.00 to $20.00. Needham & Company LLC currently has a buy rating on the stock. Approximately 762,395 shares changed hands during mid-day trading, a decline of 65% from the previous session’s volume of 2,201,951 shares.The stock last traded at $15.92 and had previously closed at $14.88.

A number of other equities research analysts also recently weighed in on the stock. Bank of America boosted their price target on shares of Credo Technology Group from $14.00 to $16.00 and gave the stock an “underperform” rating in a research note on Friday. TheStreet raised shares of Credo Technology Group from a “d+” rating to a “c-” rating in a research report on Wednesday, June 7th. TD Cowen lifted their price objective on shares of Credo Technology Group from $14.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday. 51job reissued a “maintains” rating on shares of Credo Technology Group in a research report on Thursday, June 1st. Finally, Mizuho raised their target price on shares of Credo Technology Group from $16.00 to $18.00 in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $15.30.

Get Our Latest Research Report on CRDO

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $15.06, for a total value of $55,722.00. Following the transaction, the chief financial officer now owns 585,252 shares in the company, valued at approximately $8,813,895.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Yat Tung Lam sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the sale, the chief operating officer now owns 3,209,097 shares in the company, valued at approximately $48,136,455. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,700 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $15.06, for a total transaction of $55,722.00. Following the completion of the sale, the chief financial officer now owns 585,252 shares of the company’s stock, valued at approximately $8,813,895.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,816,331 shares of company stock worth $47,051,067. Company insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada bought a new position in Credo Technology Group during the first quarter worth about $26,000. Ameritas Investment Partners Inc. bought a new position in Credo Technology Group during the first quarter valued at approximately $26,000. Assetmark Inc. grew its position in Credo Technology Group by 35.9% during the fourth quarter. Assetmark Inc. now owns 2,132 shares of the company’s stock valued at $28,000 after acquiring an additional 563 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Credo Technology Group during the first quarter valued at approximately $25,000. Finally, Altshuler Shaham Ltd bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $40,000. Institutional investors own 51.04% of the company’s stock.

Credo Technology Group Stock Up 5.2 %

The firm has a market cap of $2.35 billion, a P/E ratio of -142.27 and a beta of 1.99. The firm’s fifty day moving average is $16.30 and its two-hundred day moving average is $12.76.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings results on Thursday, August 24th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $35.10 million for the quarter, compared to analysts’ expectations of $34.27 million. Credo Technology Group had a negative net margin of 8.98% and a negative return on equity of 1.96%. The firm’s revenue for the quarter was down 24.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.11 EPS for the current year.

About Credo Technology Group

(Get Free Report)

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.

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