Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) saw unusually-strong trading volume on Tuesday following a stronger than expected earnings report. Approximately 8,499,081 shares traded hands during mid-day trading, an increase of 128% from the previous session’s volume of 3,726,637 shares.The stock last traded at $78.39 and had previously closed at $62.65.
The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company’s quarterly revenue was up 179.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on CRDO shares. Stifel Nicolaus increased their price objective on Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Barclays increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday. Needham & Company LLC increased their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Mizuho lowered their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $78.60.
Insider Activity
In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. This represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at approximately $24,800,531.50. This trade represents a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 473,665 shares of company stock valued at $19,795,531 over the last three months. Corporate insiders own 16.04% of the company’s stock.
Hedge Funds Weigh In On Credo Technology Group
Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Operose Advisors LLC boosted its holdings in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after acquiring an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group during the first quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group during the first quarter valued at about $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group during the first quarter valued at about $29,000. Finally, Virtus Advisers LLC purchased a new position in shares of Credo Technology Group in the first quarter worth about $31,000. 80.46% of the stock is owned by institutional investors.
Credo Technology Group Stock Up 14.8%
The stock has a market cap of $12.21 billion, a PE ratio of -479.47 and a beta of 2.29. The company has a fifty day moving average price of $48.23 and a 200 day moving average price of $57.80.
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.
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