Credo Technology Group (NASDAQ:CRDO) Trading Up 1.2%

Credo Technology Group Holding Ltd (NASDAQ:CRDOGet Rating)’s share price was up 1.2% during trading on Friday . The stock traded as high as $11.61 and last traded at $11.61. Approximately 8,991 shares were traded during trading, a decline of 100% from the average daily volume of 2,715,133 shares. The stock had previously closed at $11.47.

Wall Street Analysts Forecast Growth

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

Credo Technology Group Stock Up 1.0 %

The company has a fifty day moving average price of $13.71 and a two-hundred day moving average price of $12.71.

Credo Technology Group (NASDAQ:CRDOGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. The company had revenue of $46.47 million during the quarter, compared to the consensus estimate of $45.70 million. The business’s revenue for the quarter was up 333.3% on a year-over-year basis. On average, sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Adam Thorngate-Gottlund sold 8,115 shares of Credo Technology Group stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $12.59, for a total transaction of $102,167.85. Following the completion of the transaction, the general counsel now owns 264,730 shares in the company, valued at $3,332,950.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Daniel W. Fleming sold 6,175 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $12.93, for a total transaction of $79,842.75. Following the completion of the sale, the chief financial officer now owns 543,825 shares in the company, valued at $7,031,657.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Adam Thorngate-Gottlund sold 8,115 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $12.59, for a total value of $102,167.85. Following the sale, the general counsel now owns 264,730 shares of the company’s stock, valued at approximately $3,332,950.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,564 shares of company stock worth $718,720. Company insiders own 34.20% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. Strs Ohio bought a new stake in shares of Credo Technology Group during the first quarter worth approximately $79,000. Granite Investment Partners LLC bought a new stake in shares of Credo Technology Group during the first quarter worth approximately $9,129,000. Envestnet Asset Management Inc. acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $332,000. New York State Common Retirement Fund acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $1,240,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $2,285,000. Institutional investors own 22.64% of the company’s stock.

About Credo Technology Group

(Get Rating)

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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