Credo Technology Group (NASDAQ:CRDO) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually-strong trading volume on Wednesday after The Goldman Sachs Group raised their price target on the stock from $31.00 to $65.00. The Goldman Sachs Group currently has a buy rating on the stock. Approximately 3,060,130 shares were traded during mid-day trading, an increase of 30% from the previous session’s volume of 2,348,057 shares.The stock last traded at $71.42 and had previously closed at $70.69.

A number of other equities analysts also recently commented on CRDO. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Mizuho boosted their price target 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. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $67.33.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the transaction, the chief operating officer now directly owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,193,441 shares of company stock worth $41,362,270. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Swedbank AB lifted its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the period. FMR LLC lifted its position in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP grew its position in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Up 2.0 %

The firm has a market cap of $11.69 billion, a price-to-earnings ratio of -469.33 and a beta of 2.26. The company has a 50-day moving average price of $41.99 and a 200 day moving average price of $33.24.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

About Credo Technology Group

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.