Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating)'s share price was up 6.2% on Friday . The stock traded as high as $14.84 and last traded at $14.80. Approximately 52,529 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 702,625 shares. The stock had previously closed at $13.94.
Analysts Set New Price Targets
Separately, Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, December 1st. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $19.38.
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Credo Technology Group Stock Performance
The stock has a market capitalization of $2.17 billion and a P/E ratio of -232.33. The stock's fifty day simple moving average is $13.91 and its two-hundred day simple moving average is $13.17.
Credo Technology Group (NASDAQ:CRDO – Get Rating) last posted its earnings results on Wednesday, November 30th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). Credo Technology Group had a positive return on equity of 2.61% and a negative net
margin of 5.34%. The business had revenue of $51.37 million for the quarter, compared to the consensus estimate of $50.50 million. As a group, analysts expect that Credo Technology Group Holding Ltd will post 0.03 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, Director Lip Bu Tan sold 25,395 shares of the business's stock in a transaction that occurred on Thursday, January 12th. The shares were sold at an average price of $13.53, for a total value of $343,594.35. Following the transaction, the director now owns 4,224,673 shares in the company, valued at approximately $57,159,825.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Chi Fung Cheng sold 40,000 shares of the business's stock in a transaction on Monday, November 7th. The shares were sold at an average price of $13.49, for a total transaction of $539,600.00. Following the transaction, the chief technology officer now owns 12,543,602 shares in the company, valued at approximately $169,213,190.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 25,395 shares of the business's stock in a transaction on Thursday, January 12th. The shares were sold at an average price of $13.53, for a total transaction of $343,594.35. Following the transaction, the director now owns 4,224,673 shares in the company, valued at approximately $57,159,825.69. The disclosure for this sale can be found here. Insiders have sold 709,693 shares of company stock valued at $10,083,558 in the last ninety days. 34.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada acquired a new position in shares of Credo Technology Group during the 1st quarter valued at $26,000. Ameritas Investment Partners Inc. acquired a new position in Credo Technology Group during the first quarter worth $26,000. IFP Advisors Inc acquired a new position in Credo Technology Group during the third quarter worth $27,000. UBS Group AG bought a new stake in shares of Credo Technology Group in the 1st quarter worth $69,000. Finally, Northern Trust Corp grew its stake in shares of Credo Technology Group by 0.7% in the 2nd quarter. Northern Trust Corp now owns 628,440 shares of the company's stock worth $7,340,000 after acquiring an additional 4,582 shares in the last quarter. Institutional investors and hedge funds own 40.46% of the company's stock.
About Credo Technology Group
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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.
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