Credo Technology Group (NASDAQ:CRDO) Hits New 52-Week High at $30.00

Credo Technology Group Holding Ltd (NASDAQ:CRDO) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $30.00 and last traded at $29.30, with a volume of 402402 shares trading hands. The stock had previously closed at $27.29.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRDO shares. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Bank of America reissued an “underperform” rating and issued a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. TD Cowen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating and increased their price target for the company from $24.00 to $35.00 in a research note on Tuesday. Finally, Craig Hallum increased their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Credo Technology Group Trading Up 0.5 %

The firm’s fifty day moving average price is $22.08 and its 200 day moving average price is $21.17. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -165.06 and a beta of 2.20.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The business had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. On average, analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the sale, the chief technology officer now directly owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following the sale, the chief operating officer now directly owns 3,130,945 shares in the company, valued at approximately $88,323,958.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the completion of the sale, the chief technology officer now owns 9,498,602 shares in the company, valued at $261,116,568.98. The disclosure for this sale can be found here. Insiders have sold a total of 753,193 shares of company stock worth $16,502,426 in the last ninety days. 23.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Ulland Investment Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $29,000. Covestor Ltd grew its position in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after buying an additional 1,924 shares during the last quarter. Advisors Asset Management Inc. grew its position in shares of Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after buying an additional 1,229 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $97,000. Finally, Assetmark Inc. grew its position in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares during the last quarter. 80.46% of the stock is currently 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.