Credo Technology Group (NASDAQ:CRDO) Shares Gap Up Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up prior to trading on Tuesday after Craig Hallum raised their price target on the stock from $38.00 to $75.00. The stock had previously closed at $47.80, but opened at $64.45. Craig Hallum currently has a buy rating on the stock. Credo Technology Group shares last traded at $65.92, with a volume of 4,068,412 shares.

A number of other research firms also recently issued reports on CRDO. Barclays boosted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday. The Goldman Sachs Group boosted their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $63.56.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the transaction, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The trade was a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,337,321 shares of company stock worth $45,067,180. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the business. Allworth Financial LP lifted its position 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 worth $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the second quarter worth about $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group in the 3rd quarter worth about $30,000. Fifth Third Bancorp boosted its position in 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 buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The firm has a market capitalization of $11.74 billion, a P/E ratio of -471.27 and a beta of 2.26. The stock’s 50 day simple moving average is $40.42 and its 200 day simple moving average is $32.73.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. On average, analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current 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.