Credo Technology Group (NASDAQ:CRDO) Hits New 52-Week High - Here's Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price reached a new 52-week high on Friday . The company traded as high as $75.31 and last traded at $74.23, with a volume of 4561197 shares changing hands. The stock had previously closed at $70.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Craig Hallum boosted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $27.00 to $80.00 in a research note on Tuesday. Finally, Needham & Company LLC raised their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report 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 an average target price of $67.33.

Credo Technology Group Price Performance

The company has a market capitalization of $12.41 billion, a PE ratio of -469.33 and a beta of 2.26. The firm's 50 day moving average is $41.99 and its 200 day moving average is $33.24.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $59.71 million for the quarter, compared to analysts' expectations of $59.50 million. As a group, analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company's stock, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the sale, the chief financial officer now owns 656,456 shares of the company's stock, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,193,441 shares of company stock valued at $41,362,270. Company insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in CRDO. Allworth Financial LP lifted its position in shares of Credo Technology Group by 917.9% in the third 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 stake in Credo Technology Group in the 2nd quarter valued at about $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group in the 3rd quarter worth approximately $30,000. Fifth Third Bancorp boosted its holdings in shares of Credo Technology Group by 59.3% during the 2nd 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 last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.

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