Credo Technology Group (NASDAQ:CRDO) Trading Up 10.8%

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) shares were up 10.8% on Friday . The company traded as high as $13.52 and last traded at $13.27. Approximately 851,333 shares were traded during trading, a decline of 57% from the average daily volume of 1,997,612 shares. The stock had previously closed at $11.98.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRDO shares. Roth Mkm lowered their target price on shares of Credo Technology Group from $20.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, February 15th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of Credo Technology Group in a report on Thursday, March 2nd. Bank of America downgraded shares of Credo Technology Group from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $18.00 to $12.00 in a report on Wednesday, February 15th. BNP Paribas assumed coverage on shares of Credo Technology Group in a report on Tuesday, February 28th. They issued an “outperform” rating and a $13.00 price objective on the stock. Finally, Cowen downgraded shares of Credo Technology Group from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $18.00 to $11.00 in a report on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $13.33.

Credo Technology Group Trading Up 15.3 %

The business’s 50-day simple moving average is $8.71 and its two-hundred day simple moving average is $12.01.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last released its earnings results on Wednesday, March 1st. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $54.27 million during the quarter, compared to the consensus estimate of $52.00 million. Credo Technology Group had a negative net margin of 3.15% and a positive return on equity of 2.80%. Equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 2,590 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $10.42, for a total value of $26,987.80. Following the transaction, the chief operating officer now directly owns 3,126,298 shares in the company, valued at approximately $32,576,025.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 6,250 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $10.42, for a total transaction of $65,125.00. Following the completion of the transaction, the chief technology officer now directly owns 11,257,352 shares of the company’s stock, valued at $117,301,607.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 2,590 shares of the stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $10.42, for a total value of $26,987.80. Following the transaction, the chief operating officer now directly owns 3,126,298 shares of the company’s stock, valued at $32,576,025.16. The disclosure for this sale can be found here. Insiders sold a total of 276,073 shares of company stock valued at $2,886,791 in the last quarter. 34.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. grew its holdings in Credo Technology Group by 35.9% during the fourth quarter. Assetmark Inc. now owns 2,132 shares of the company’s stock valued at $28,000 after purchasing an additional 563 shares during the period. Verition Fund Management LLC grew its holdings in Credo Technology Group by 6.5% during the fourth quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock valued at $182,000 after purchasing an additional 836 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Credo Technology Group by 11.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,790 shares of the company’s stock valued at $139,000 after purchasing an additional 1,535 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Credo Technology Group by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,562 shares of the company’s stock valued at $326,000 after purchasing an additional 1,666 shares during the period. Finally, Royal Bank of Canada purchased a new stake in shares of Credo Technology Group during the first quarter worth $26,000. 40.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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Credo 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 integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.