Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $36.56.

CRDO has been the topic of several recent research reports. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a research report on Thursday, September 5th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Craig Hallum lifted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Finally, TD Cowen raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Monday, September 16th.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 143,880 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares of the company's stock, valued at approximately $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now owns 8,838,602 shares in the company, valued at $346,826,742.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,389,817 shares of company stock valued at $44,436,836. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter worth about $29,000. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% in 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. Covestor Ltd grew its holdings in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company's stock worth $41,000 after acquiring an additional 1,924 shares during the last quarter. Finally, CWM LLC grew its holdings in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company's stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Trading Down 6.0 %

Shares of CRDO traded down $2.40 during midday trading on Thursday, hitting $37.73. The stock had a trading volume of 2,545,238 shares, compared to its average volume of 2,222,992. The firm has a market cap of $6.27 billion, a P/E ratio of -250.81 and a beta of 2.24. The business has a 50-day simple moving average of $33.13 and a two-hundred day simple moving average of $28.01. Credo Technology Group has a fifty-two week low of $13.53 and a fifty-two week high of $41.92.

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 the consensus estimate of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, analysts expect that Credo Technology Group will post -0.02 earnings per share for the current fiscal 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.