Credo Technology Group (NASDAQ:CRDO) Hits New 12-Month High – Here’s Why

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) reached a new 52-week high during trading on Monday . The company traded as high as $40.59 and last traded at $40.34, with a volume of 1522475 shares traded. The stock had previously closed at $39.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRDO shares. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group raised their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Craig Hallum boosted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

The firm has a fifty day moving average price of $33.04 and a 200 day moving average price of $27.92. The firm has a market capitalization of $6.63 billion, a PE ratio of -231.67 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the sale, the insider now owns 302,466 shares of the company’s stock, valued at $9,485,333.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Laufman sold 20,000 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,444,817 shares of company stock worth $45,913,586. Corporate insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP lifted its holdings in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group in the second quarter valued at approximately $29,000. Fifth Third Bancorp grew its position in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC grew its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.