Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Rating of “Moderate Buy” from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given a consensus recommendation of “Moderate Buy” by the nine brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $36.56.

CRDO has been the subject of a number of research analyst reports. Mizuho upped their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Barclays upped their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America upped their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Finally, Needham & Company LLC increased their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the sale, the chief operating officer now directly owns 2,807,777 shares of the company’s stock, valued at $77,691,189.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,389,817 shares of company stock worth $44,436,836. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $29,000. Fifth Third Bancorp boosted its position in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. CWM LLC boosted its position in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth about $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 0.9 %

Credo Technology Group stock opened at $40.07 on Thursday. The firm’s 50-day simple moving average is $33.35 and its 200 day simple moving average is $28.50. Credo Technology Group has a 52 week low of $14.56 and a 52 week high of $41.92. The firm has a market capitalization of $6.65 billion, a PE ratio of -250.44 and a beta of 2.18.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, research analysts expect that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.