Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Average Recommendation of “Moderate Buy” by Brokerages

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $30.38.

CRDO has been the subject of several research reports. Barclays upped their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. TD Cowen upped their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, July 15th. Stifel Nicolaus raised their price target on Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, Craig Hallum lifted their target price on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at $50,806,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the transaction, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at $50,806,875. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.50, for a total transaction of $175,000.00. Following the sale, the chief operating officer now owns 3,143,738 shares of the company’s stock, valued at $55,015,415. The disclosure for this sale can be found here. In the last three months, insiders sold 936,678 shares of company stock valued at $26,102,844. Corporate insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after buying an additional 2,993,303 shares during the last quarter. Jennison Associates LLC acquired a new position in Credo Technology Group during the fourth quarter worth about $45,362,000. Wellington Management Group LLP purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $35,224,000. TimesSquare Capital Management LLC acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $22,535,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $27.38 on Tuesday. The stock’s 50-day moving average is $28.00 and its two-hundred day moving average is $23.06. Credo Technology Group has a 1 year low of $13.38 and a 1 year high of $33.96. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of -152.11 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $60.78 million for the quarter, compared to analysts’ expectations of $60.50 million. Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. As a group, research analysts predict that Credo Technology Group will post 0.07 EPS for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.