Credo Technology Group (NASDAQ:CRDO) Upgraded at TD Cowen
Big News for Credo Technology Group: Equities research analysts at TD Cowen have upgraded Credo Technology Group from a "hold" rating to a "buy" rating. They have also increased the price objective on the stock to $35.00, up from their previous target of $24.00. This implies a potential increase of 28.25% from the current stock price.
Other Analysts Also Show Confidence
Several other research firms are also positive about Credo Technology Group (CRDO).
- Barclays: Increased their target price from $23.00 to $30.00 and gave the stock an "overweight" rating.
- Mizuho: Reaffirmed their "buy" rating with a price target of $30.00, up from $28.00.
- The Goldman Sachs Group: Upped their price target from $23.00 to $26.00, maintaining a "buy" rating.
- Needham & Company LLC: Raised their price target from $26.00 to $29.00, continuing with a "buy" rating.
- Craig Hallum: Increased their goal from $28.00 to $30.00, also giving a "buy" rating.
In total, seven analysts have issued a "buy" rating, one has a "sell" rating, making the average rating Moderate Buy with an average price target of $28.25.
Current Stock Performance
Shares of CRDO stock opened at $27.29 on Tuesday. The stock has seen a 12-month low of $13.38 and a high of $29.89. Currently, it has a market cap of $4.46 billion, a P/E ratio of -151.61, and a beta of 2.20.
The company’s 50-day moving average price is $21.65, and the 200-day moving average price is $21.03.
Recent Earnings Report
Credo Technology Group last released its earnings results on May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.04. Despite a negative net margin of 14.70% and a negative return on equity of 4.87%, revenue was $60.78 million, compared to the consensus estimate of $60.50 million.
Looking ahead, research analysts expect Credo Technology Group to post 0.07 EPS for the current fiscal year.
Insider Activity
Insider trading has been notable as well. CTO Chi Fung Cheng sold 55,000 shares at an average price of $28.99, totaling $1,594,450. Following the sale, Cheng holds approximately 9,553,602 shares valued at about $276,958,922. The COO, Yat Tung Lam, sold 153,825 shares at an average price of $22.58, amounting to $3,473,368.50.
In the last quarter, insiders have sold 713,193 shares worth $15,314,176. Currently, company insiders own 23.89% of the stock.
Institutional Investments
Several institutions have adjusted their stakes in Credo Technology Group:
- Castleark Management LLC: Purchased a new stake valued at $3,876,000.
- California State Teachers Retirement System: Increased ownership by 7.7%, now holding $2,729,000 worth of shares.
- Public Employees Retirement Association of Colorado: Bought a new stake valued at $352,000.
- Price T Rowe Associates Inc. MD: Increased its stake by 10.8%, valued at $1,484,000.
- Magnetar Financial LLC: Acquired a new position valued at $278,000.
In total, 80.46% of the stock is held by hedge funds and other institutional investors.
About Credo Technology Group
Credo Technology Group Holding Ltd provides high-speed connectivity solutions for optical and electrical Ethernet applications. Its product range includes:
- HiWire active electrical cables
- Optical digital signal processors
- Low-power line card PHY
- Serializer/deserializer (SerDes) chiplets
- SerDes IP
The company serves customers in the United States, Mexico, Mainland China, Hong Kong, and internationally.
Stay tuned for more updates on Credo Technology Group and other market news.
