Credo Technology Group (NASDAQ:CRDO) Sees Unusually-High Trading Volume Following Strong Earnings

Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 8,499,081 shares changed 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 analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. During the same quarter in the previous year, the firm earned $0.07 EPS. Credo Technology Group’s revenue was up 179.6% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRDO shares. TD Cowen boosted their price target on Credo Technology Group from $50.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC boosted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho reduced their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, Barclays boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $78.60.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the sale, the chief technology officer now owns 7,663,602 shares in the company, valued at $368,006,168.04. This represents a 0.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total value of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 473,665 shares of company stock worth $19,795,531. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group during the 4th quarter worth approximately $38,000. Operose Advisors LLC raised its stake in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group during the 1st quarter worth approximately $25,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the 4th quarter worth approximately $43,000. Finally, Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

The business has a 50 day moving average of $48.23 and a two-hundred day moving average of $57.80. The firm has a market capitalization of $12.21 billion, a price-to-earnings ratio of -479.47 and a beta of 2.29.

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.