Credo Technology Group (NASDAQ:CRDO) Sets New 1-Year High - Still a Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $48.55 and last traded at $48.55, with a volume of 3828 shares trading hands. The stock had previously closed at $48.00.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent research reports. Mizuho boosted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Stifel Nicolaus boosted their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. TD Cowen upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Monday, September 16th. Finally, Barclays raised their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.56.

Credo Technology Group Trading Down 3.2 %

The firm has a 50-day simple moving average of $34.18 and a two-hundred day simple moving average of $29.29. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of -290.50 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analyst estimates 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 Holding Ltd will post -0.02 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the 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 transaction, the chief operating officer now directly owns 2,885,840 shares of the company's stock, valued at $79,908,909.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. 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 the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,885,840 shares of the company's stock, valued at approximately $79,908,909.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,324,817 shares of company stock valued at $42,656,986. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of CRDO. Assetmark Inc. boosted its position in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after acquiring an additional 257 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock valued at $145,000 after purchasing an additional 478 shares during the last quarter. CWM LLC lifted 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 worth $43,000 after buying an additional 594 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company's stock worth $499,000 after buying an additional 649 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.