Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $24.25.

A number of analysts recently issued reports on the company. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. TD Cowen increased their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Finally, The Goldman Sachs Group increased their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th.

Credo Technology Group Stock Performance

Shares of CRDO opened at $17.31 on Thursday. The firm has a market cap of $2.83 billion, a P/E ratio of -75.26 and a beta of 2.03. Credo Technology Group has a fifty-two week low of $7.44 and a fifty-two week high of $23.90. The business has a 50-day moving average of $20.07 and a 200 day moving average of $19.38.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts predict that Credo Technology Group will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $22.39, for a total value of $335,850.00. Following the completion of the sale, the chief executive officer now directly owns 3,112,500 shares in the company, valued at approximately $69,688,875. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Yat Tung Lam sold 315,601 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the transaction, the chief operating officer now directly owns 1,440,000 shares in the company, valued at approximately $33,019,200. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $22.39, for a total transaction of $335,850.00. Following the sale, the chief executive officer now owns 3,112,500 shares of the company’s stock, valued at $69,688,875. The disclosure for this sale can be found here. Insiders have sold 1,646,335 shares of company stock worth $35,965,584 over the last ninety days. Insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the company. ProShare Advisors LLC grew its stake in shares of Credo Technology Group by 17.6% in the first quarter. ProShare Advisors LLC now owns 22,343 shares of the company’s stock worth $473,000 after purchasing an additional 3,346 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Credo Technology Group by 5.7% in the 1st quarter. Russell Investments Group Ltd. now owns 356,370 shares of the company’s stock worth $7,551,000 after buying an additional 19,105 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Credo Technology Group during the first quarter valued at approximately $578,000. Sei Investments Co. raised its holdings in shares of Credo Technology Group by 18.8% during the first quarter. Sei Investments Co. now owns 111,034 shares of the company’s stock valued at $2,353,000 after acquiring an additional 17,540 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after acquiring an additional 32,600 shares during the period. 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 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.