Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) have received an average rating of "Buy" from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $19.38.
Separately, Needham & Company LLC raised 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 report on Thursday, December 1st.
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Insider Buying and Selling at Credo Technology Group
In other news, CTO Chi Fung Cheng sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $13.49, for a total value of $539,600.00. Following the completion of the transaction, the chief technology officer now owns 12,543,602 shares of the company's stock, valued at $169,213,190.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, COO Yat Tung Lam sold 110,352 shares of the firm's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $13.50, for a total value of $1,489,752.00. Following the completion of the transaction, the chief operating officer now owns 3,670,000 shares of the company's stock, valued at $49,545,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 40,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 12,543,602 shares of the company's stock, valued at approximately $169,213,190.98. The disclosure for this sale can be found here. Insiders sold a total of 815,143 shares of company stock worth $11,616,258 over the last three months. Insiders own 34.20% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in CRDO. Envestnet Asset Management Inc. purchased a new position in Credo Technology Group in the first quarter worth approximately $332,000. JPMorgan Chase & Co. purchased a new position in Credo Technology Group in the first quarter worth approximately $205,000. Bank of New York Mellon Corp purchased a new position in Credo Technology Group in the first quarter worth approximately $1,748,000. BlackRock Inc. purchased a new position in Credo Technology Group in the first quarter worth approximately $48,844,000. Finally, Vanguard Group Inc. purchased a new position in Credo Technology Group in the first quarter worth approximately $29,191,000. Hedge funds and other institutional investors own 40.46% of the company's stock.
Credo Technology Group Trading Up 0.2 %
Credo Technology Group stock opened at $17.49 on Friday. Credo Technology Group has a 12-month low of $8.61 and a 12-month high of $18.00. The stock has a market cap of $2.57 billion and a P/E ratio of -291.50. The company has a 50-day moving average price of $14.19 and a 200 day moving average price of $13.45.
Credo Technology Group (NASDAQ:CRDO – Get Rating) last released its quarterly earnings data on Wednesday, November 30th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $51.37 million for the quarter, compared to analyst estimates of $50.50 million. As a group, analysts forecast that Credo Technology Group will post 0.03 EPS for the current year.
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.
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