Credo Technology Group (NASDAQ:CRDO) Posts Earnings Results, Meets Estimates

Credo Technology Group (NASDAQ:CRDOGet Rating) posted its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03, Briefing.com reports. The firm had revenue of $46.47 million for the quarter, compared to the consensus estimate of $45.70 million. The company’s revenue for the quarter was up 333.3% on a year-over-year basis. Credo Technology Group updated its Q2 2023 guidance to EPS.

Credo Technology Group Trading Down 0.6 %

Shares of CRDO stock opened at $12.90 on Friday. Credo Technology Group has a 52-week low of $8.61 and a 52-week high of $18.00. The business’s fifty day moving average is $13.41 and its 200 day moving average is $13.04.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada bought a new stake in shares of Credo Technology Group during the 1st quarter worth $26,000. Ameritas Investment Partners Inc. purchased a new position in shares of Credo Technology Group during the 1st quarter valued at about $26,000. UBS Group AG purchased a new position in shares of Credo Technology Group during the 1st quarter valued at about $69,000. Northern Trust Corp lifted its holdings 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 during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 51.4% in the second quarter. JPMorgan Chase & Co. now owns 20,352 shares of the company’s stock worth $238,000 after purchasing an additional 6,906 shares during the last quarter. 22.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. The Goldman Sachs Group reduced their target price on shares of Credo Technology Group from $21.00 to $19.00 in a research note on Friday, July 15th. Bank of America dropped their target price on Credo Technology Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Finally, Needham & Company LLC reduced their price target on Credo Technology Group from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $19.00.

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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