Credo Technology Group (NASDAQ:CRDO – Get Free Report) will issue its quarterly earnings data after the market closes on Tuesday, February 27th. Analysts expect the company to announce earnings of $0.03 per share for the quarter. Parties that wish to register for the company’s conference call can do so using this link.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings results on Wednesday, November 29th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.05. Credo Technology Group had a negative return on equity of 7.98% and a negative net margin of 19.00%. The company had revenue of $44.04 million during the quarter, compared to analysts’ expectations of $42.66 million. During the same quarter in the prior year, the business posted $0.02 earnings per share. The company’s revenue for the quarter was down 14.3% compared to the same quarter last year. 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 Performance
NASDAQ:CRDO opened at $22.30 on Tuesday. Credo Technology Group has a 1 year low of $7.20 and a 1 year high of $23.18. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -106.19 and a beta of 2.06. The business has a fifty day moving average of $20.21 and a 200-day moving average of $17.45.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $24.00 target price on shares of Credo Technology Group in a research note on Monday, January 8th. TheStreet raised Credo Technology Group from a “d+” rating to a “c-” rating in a report on Wednesday, November 29th. Stifel Nicolaus upped their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 30th. TD Cowen upped their target price on Credo Technology Group from $16.00 to $20.00 and gave the company a “market perform” rating in a report on Thursday, November 30th. Finally, Mizuho upped their target price on Credo Technology Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.
Get Our Latest Stock Analysis on Credo Technology Group
Insiders Place Their Bets
In other Credo Technology Group news, Director Lip Bu Tan sold 500,000 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $17.50, for a total value of $8,750,000.00. Following the transaction, the director now directly owns 48,736 shares of the company’s stock, valued at approximately $852,880. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 500,000 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $17.50, for a total value of $8,750,000.00. Following the transaction, the director now directly owns 48,736 shares of the company’s stock, valued at approximately $852,880. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $18.09, for a total value of $271,350.00. Following the completion of the transaction, the chief executive officer now directly owns 3,262,500 shares in the company, valued at $59,018,625. The disclosure for this sale can be found here. Insiders have sold a total of 2,273,090 shares of company stock valued at $43,179,791 in the last three months. Insiders own 23.89% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. UBS Group AG acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $69,000. Hsbc Holdings PLC acquired a new stake in Credo Technology Group in the 1st quarter valued at approximately $357,000. Ameritas Investment Partners Inc. bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $26,000. Renaissance Technologies LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $265,000. Finally, Northern Trust Corp bought a new position in shares of Credo Technology Group during the 1st quarter worth approximately $9,501,000. Institutional investors and hedge funds own 54.44% of the company’s stock.
About Credo Technology Group
(Get Free Report)
Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.
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