Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $34.22.

A number of research analysts have recently issued reports on CRDO shares. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Roth Mkm lifted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Craig Hallum lifted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the sale, the director now directly owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the transaction, the director now directly owns 1,988,725 shares of the company’s stock, valued at $69,963,345.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,509,974 shares of company stock worth $46,475,972 over the last quarter. Company insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp lifted its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the period. CWM LLC grew its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the 2nd quarter valued at about $29,000. Diversified Trust Co raised its holdings in Credo Technology Group by 4.3% in the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock worth $861,000 after purchasing an additional 1,156 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of Credo Technology Group by 47.6% during 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 in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $37.24 on Friday. The company’s fifty day simple moving average is $30.26 and its two-hundred day simple moving average is $26.30. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of -206.89 and a beta of 2.24. Credo Technology Group has a 1 year low of $13.38 and a 1 year high of $37.29.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Equities research analysts anticipate that Credo Technology Group will post -0.02 EPS for the current year.

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.