Credo Technology Group (CRDO) to Announce Quarterly Earnings on Wednesday

Credo Technology Group (NASDAQ:CRDO – Get Rating) will be announcing its earnings results after the market closes on Wednesday, May 31st. Analysts expect the company to announce earnings of ($0.04) per share for the quarter. Investors that are interested in registering for the company’s conference call can do so using this link.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last issued its earnings results on Wednesday, March 1st. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Credo Technology Group had a positive return on equity of 2.80% and a negative net margin of 3.15%. The company had revenue of $54.27 million for the quarter, compared to analyst estimates of $52.00 million. On average, analysts expect Credo Technology Group to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Credo Technology Group Stock Up 2.4 %

Shares of NASDAQ:CRDO opened at $11.03 on Wednesday. Credo Technology Group has a twelve month low of $7.20 and a twelve month high of $19.46. The stock’s 50 day moving average is $8.66 and its 200-day moving average is $12.01. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -275.75 and a beta of 1.86.

Insider Activity

In other news, CTO Chi Fung Cheng sold 40,000 shares of the firm’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $10.50, for a total transaction of $420,000.00. Following the completion of the sale, the chief technology officer now directly owns 640,000 shares of the company’s stock, valued at approximately $6,720,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CTO Chi Fung Cheng sold 40,000 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $10.50, for a total transaction of $420,000.00. Following the completion of the transaction, the chief technology officer now owns 640,000 shares in the company, valued at approximately $6,720,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 24,446 shares of the stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $9.95, for a total value of $243,237.70. Following the transaction, the chief executive officer now owns 225,554 shares of the company’s stock, valued at approximately $2,244,262.30. The disclosure for this sale can be found here. Insiders sold a total of 76,073 shares of company stock valued at $784,391 in the last ninety days. 34.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Envestnet Asset Management Inc. bought a new position in shares of Credo Technology Group during the 1st quarter worth $332,000. JPMorgan Chase & Co. bought a new position in Credo Technology Group in the 1st quarter worth about $205,000. Bank of New York Mellon Corp bought a new position in Credo Technology Group in the 1st quarter worth about $1,748,000. BlackRock Inc. bought a new position in Credo Technology Group in the 1st quarter worth about $48,844,000. Finally, Vanguard Group Inc. bought a new position in Credo Technology Group in the 1st quarter worth about $29,191,000. Institutional investors own 40.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CRDO shares. The Goldman Sachs Group lowered their price target on Credo Technology Group from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. Bank of America lowered Credo Technology Group from a “buy” rating to an “underperform” rating and lowered their price target for the company from $18.00 to $12.00 in a research report on Wednesday, February 15th. Cowen lowered Credo Technology Group from an “outperform” rating to a “market perform” rating and set a $11.00 price target for the company. in a research report on Wednesday, February 15th. BNP Paribas started coverage on Credo Technology Group in a research report on Tuesday, February 28th. They issued an “outperform” rating and a $13.00 price target for the company. Finally, Roth Mkm lowered their price target on Credo Technology Group from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $13.33.

Credo Technology Group Company Profile

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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.