Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually-high trading volume on Wednesday after The Goldman Sachs Group raised their price target on the stock from $31.00 to $65.00. The Goldman Sachs Group currently has a buy rating on the stock. Approximately 3,060,130 shares were traded during trading, an increase of 30% from the previous session’s volume of 2,348,057 shares.The stock last traded at $71.42 and had previously closed at $70.69.

A number of other research analysts also recently commented on CRDO. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Stifel Nicolaus restated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research note on Tuesday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $67.33.

Insider Buying and Selling

In related news, insider James Laufman sold 20,000 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. The trade was a 6.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the transaction, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,337,321 shares of company stock valued at $45,067,180. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the business. Allworth Financial LP raised its holdings in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the 2nd quarter valued at approximately $29,000. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the 3rd quarter valued at approximately $30,000. Fifth Third Bancorp raised its holdings 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 acquiring an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings 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 acquiring an additional 1,001 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 2.4 %

The firm has a fifty day simple moving average of $41.20 and a 200 day simple moving average of $32.98. The stock has a market cap of $11.46 billion, a price-to-earnings ratio of -460.07 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly 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). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, equities analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

About Credo Technology Group

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.