Credo Technology Group (NASDAQ:CRDO) Stock Price Up 4% - Here's What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares rose 4% during mid-day trading on Thursday . The company traded as high as $38.50 and last traded at $38.47. Approximately 133,453 shares were traded during trading, a decline of 94% from the average daily volume of 2,227,153 shares. The stock had previously closed at $36.99.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of analyst reports. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, September 5th. Roth Mkm lifted their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, September 5th. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Barclays boosted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Thursday, September 5th. Finally, Mizuho boosted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $35.44.

Credo Technology Group Stock Performance

The stock has a 50 day moving average of $31.26 and a 200-day moving average of $26.78. The firm has a market capitalization of $6.21 billion, a P/E ratio of -205.50 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data 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 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the sale, the chief technology officer now directly owns 9,278,602 shares in the company, valued at $249,130,463.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the completion of the transaction, the chief technology officer now owns 9,278,602 shares of the company's stock, valued at approximately $249,130,463.70. 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 business's stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the transaction, the chief operating officer now directly owns 2,807,777 shares of the company's stock, valued at $77,691,189.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,444,817 shares of company stock worth $45,366,886 over the last ninety days. Company insiders own 23.89% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after buying an additional 400 shares in the last quarter. CWM LLC boosted its stake in Credo Technology Group by 78.1% in 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. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group in the second quarter worth approximately $29,000. SeaCrest Wealth Management LLC boosted its stake in shares of Credo Technology Group by 8.3% during the third quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company's stock valued at $378,000 after purchasing an additional 938 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of Credo Technology Group by 4.3% during the third quarter. Diversified Trust Co now owns 27,954 shares of the company's stock valued at $861,000 after purchasing an additional 1,156 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.