Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High at $22.65

Credo Technology Group Holding Ltd (NASDAQ:CRDOGet Free Report)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $22.65 and last traded at $22.61, with a volume of 2396956 shares changing hands. The stock had previously closed at $21.24.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho raised their price objective on shares of Credo Technology Group from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $24.00 price target on shares of Credo Technology Group in a report on Monday, January 8th. TheStreet raised shares of Credo Technology Group from a “d+” rating to a “c-” rating in a report on Wednesday, November 29th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $18.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 30th. Finally, TD Cowen raised their price target on shares of Credo Technology Group from $16.00 to $20.00 and gave the company a “market perform” rating in a report on Thursday, November 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.92.

Check Out Our Latest Report on CRDO

Credo Technology Group Stock Up 6.2 %

The company has a market cap of $3.40 billion, a PE ratio of -107.38 and a beta of 2.06. The business’s fifty day moving average is $19.72 and its 200-day moving average is $17.21.

Credo Technology Group (NASDAQ:CRDOGet Free Report) last issued its quarterly earnings results on Wednesday, November 29th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. Credo Technology Group had a negative net margin of 19.00% and a negative return on equity of 7.98%. The business had revenue of $44.04 million for the quarter, compared to the consensus estimate of $42.66 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. Analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 5,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.52, for a total transaction of $87,600.00. Following the transaction, the chief financial officer now owns 674,698 shares of the company’s stock, valued at $11,820,708.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.23, for a total transaction of $258,450.00. Following the sale, the chief executive officer now owns 3,882,421 shares in the company, valued at $66,894,113.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Daniel W. Fleming sold 5,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.52, for a total transaction of $87,600.00. Following the sale, the chief financial officer now owns 674,698 shares in the company, valued at approximately $11,820,708.96. The disclosure for this sale can be found here. Insiders have sold 2,273,759 shares of company stock valued at $42,968,044 over the last 90 days. 23.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $2,028,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Credo Technology Group by 70.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,242 shares of the company’s stock valued at $385,000 after buying an additional 10,452 shares during the last quarter. SG Americas Securities LLC increased its position in Credo Technology Group by 309.4% in the third quarter. SG Americas Securities LLC now owns 180,514 shares of the company’s stock worth $2,753,000 after purchasing an additional 136,425 shares during the last quarter. Liontrust Investment Partners LLP increased its position in Credo Technology Group by 68.2% in the third quarter. Liontrust Investment Partners LLP now owns 185,000 shares of the company’s stock worth $2,821,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in Credo Technology Group by 80.5% in the third quarter. Panagora Asset Management Inc. now owns 481,668 shares of the company’s stock worth $7,345,000 after purchasing an additional 214,837 shares during the last quarter. Institutional investors own 54.44% of the company’s stock.

About Credo Technology Group

(Get Free Report)

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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