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Credo Technology Group (NASDAQ:CRDO) Sees Unusually-High Trading Volume

Financial News Live · Jan 25, 2023 08:41

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) shares saw strong trading volume on Monday . 1,271,755 shares changed hands during mid-day trading, an increase of 17% from the previous session's volume of 1,082,874 shares.The stock last traded at $16.00 and had previously closed at $15.00.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised their target price on shares of Credo Technology Group from $15.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, December 1st. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $19.38.

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Credo Technology Group Trading Up 9.0 %

The firm's fifty day moving average is $14.06 and its 200-day moving average is $13.39.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last announced its quarterly earnings results 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). The company had revenue of $51.37 million for the quarter, compared to the consensus estimate of $50.50 million. Credo Technology Group had a negative net margin of 5.34% and a positive return on equity of 2.61%. On average, research analysts anticipate that Credo Technology Group Holding Ltd will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 40,000 shares of Credo Technology Group 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 sale, the chief technology officer now directly owns 12,543,602 shares in the company, valued at approximately $169,213,190.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Daniel W. Fleming sold 56,250 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $15.01, for a total transaction of $844,312.50. Following the sale, the chief financial officer now directly owns 543,825 shares in the company, valued at approximately $8,162,813.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $13.49, for a total transaction of $539,600.00. Following the sale, the chief technology officer now owns 12,543,602 shares in the company, valued at $169,213,190.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 815,143 shares of company stock valued at $11,616,258. 34.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. Emerald Advisers LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth approximately $3,962,000. Granite Investment Partners LLC lifted its position in shares of Credo Technology Group by 62.5% in the 2nd quarter. Granite Investment Partners LLC now owns 973,964 shares of the company's stock worth $11,376,000 after purchasing an additional 374,552 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $3,949,000. Royce & Associates LP acquired a new position in shares of Credo Technology Group in the 3rd quarter worth approximately $1,188,000. Finally, Focused Wealth Management Inc acquired a new position in shares of Credo Technology Group in the 3rd quarter worth approximately $53,000. 40.46% of the stock is currently owned by institutional investors and hedge funds.

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.