Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) gapped up prior to trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. The stock had previously closed at $33.71, but opened at $34.39. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group shares last traded at $34.65, with a volume of 414,042 shares traded.
Several other equities analysts have also recently commented on CRDO. Craig Hallum upped their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Bank of America raised their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $34.22.
View Our Latest Analysis on CRDO
Insider Activity
Institutional Investors Weigh In On Credo Technology Group
Hedge funds and other institutional investors have recently bought and sold shares of the business. AMF Tjanstepension AB grew its holdings in shares of Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares during the last quarter. Thornburg Investment Management Inc. increased its position in Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after acquiring an additional 64,177 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Credo Technology Group in the first quarter worth about $2,732,000. Swiss National Bank lifted its position in shares of Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $3,876,000. 80.46% of the stock is owned by institutional investors and hedge funds.
Credo Technology Group Stock Up 5.9 %
The business’s fifty day moving average is $30.26 and its two-hundred day moving average is $26.30. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of -206.89 and a beta of 2.24.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.
About Credo Technology Group
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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