Credo Technology Group (CRDO) Set to Announce Quarterly Earnings on Wednesday

Credo Technology Group (NASDAQ:CRDO – Get Rating) will be posting its quarterly earnings results after the market closes on Wednesday, May 31st. Analysts expect Credo Technology Group to post earnings of ($0.04) per share for the quarter. Individual that are interested in participating in the company’s earnings conference call can do so using this link.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last announced its quarterly earnings data on Wednesday, March 1st. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $54.27 million for the quarter, compared to analysts’ expectations of $52.00 million. Credo Technology Group had a positive return on equity of 2.80% and a negative net margin of 3.15%. On average, analysts expect Credo Technology Group to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Credo Technology Group Trading Up 2.4 %

Shares of NASDAQ CRDO opened at $11.03 on Wednesday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -275.75 and a beta of 1.86. Credo Technology Group has a 1-year low of $7.20 and a 1-year high of $19.46. The stock’s 50-day moving average is $8.66 and its 200 day moving average is $12.01.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 2,590 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $10.42, for a total value of $26,987.80. Following the sale, the chief operating officer now directly owns 3,126,298 shares in the company, valued at approximately $32,576,025.16. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CTO Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $10.50, for a total transaction of $420,000.00. Following the sale, the chief technology officer now directly owns 640,000 shares in the company, valued at $6,720,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 2,590 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $10.42, for a total value of $26,987.80. Following the sale, the chief operating officer now owns 3,126,298 shares in the company, valued at $32,576,025.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,073 shares of company stock worth $784,391. 34.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. BlackRock Inc. boosted its position in shares of Credo Technology Group by 255.4% during the third quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after purchasing an additional 9,162,371 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $125,306,000. Vanguard Group Inc. boosted its position in shares of Credo Technology Group by 263.1% during the third quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock valued at $76,349,000 after purchasing an additional 5,029,051 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Credo Technology Group in the first quarter worth $29,508,000. Finally, State Street Corp boosted its holdings in Credo Technology Group by 712.7% in the third quarter. State Street Corp now owns 2,955,370 shares of the company’s stock worth $32,509,000 after acquiring an additional 2,591,741 shares in the last quarter. 40.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Cowen cut Credo Technology Group from an “outperform” rating to a “market perform” rating and set a $11.00 price objective on the stock. in a report on Wednesday, February 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Credo Technology Group in a research note on Thursday, March 2nd. Stifel Nicolaus decreased their price target on Credo Technology Group from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, February 15th. Mizuho decreased their price target on Credo Technology Group from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, February 15th. Finally, Bank of America cut Credo Technology Group from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $18.00 to $12.00 in a research note on Wednesday, February 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.33.

About Credo Technology Group

(Get Rating)

Credo 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 integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.