Credo Technology Group (NASDAQ:CRDO) is set to reveal its earnings results on Wednesday, May 31st. Analysts predict the company will announce that their earnings for this quarter are ($0.04) per share. Investors can participate in the company’s conference call by registering through a provided link.
The Goldman Sachs Group recently lowered their price target from $19.00 to $14.00 and labeled it a “buy” rating in a research report on February 15th. Research reports from Bank of America and Cowen lowered their ratings as well, while BNP Paribas started coverage saying they believe Credo Technology Group is an outperforming investment with a price target of $13.00 for the company.
In contrast, Roth Mkm, although similarly lowering their price target from $20.00 to $14.00, still set Credo Technology as a “buy” rating for the company in a research report released on February 15th. Bloomberg notes that one stock analyst rated the shares as “sell,” while two gave it a “hold” rating, and six assigned it as a “buy.” The average rating is being called a “Moderate Buy,” and its average target price estimates at $13.33.
Furthermore, there has been insider action for Credo Technology Group with CTO Chi Fung Cheng selling 40,000 shares of stock on Friday, February 24th, at an average sale price of $10.50 each – totaling $420k overall – which means he now directly owns 640k shares valued at over $6 million dollars per SEC filings available at the SEC website via hyperlink.
The chief executive officer (CEO), William Joseph Brennan also sold 24,446 shares only weeks later on Thursday March 9th with an average sale price of approximately $9.95 each- worth around $243k based on that transaction according to SEC filings disclosed here. Regardless of insider selling, Credo Technology Group investors currently have over 34% ownership in the company.
Credo Technology Group Beats Earnings Estimates and Sparks Investor Interest
Credo Technology Group (NASDAQ:CRDO) is a tech company that has been making headlines since its recent earnings report. The company posted $0.02 earnings per share for the quarter, surpassing analysts’ estimates of $0.01 by an impressive $0.01. Credo Technology Group also had a positive return on equity of 2.80% and a negative net margin of 3.15%. The company’s revenue of $54.27 million for the quarter exceeded analyst projections of $52.00 million.
While analysts are expecting the company to post an EPS of $0 for the current fiscal year and next fiscal year, shareholders remain optimistic about Credo Technology Group’s future potential as it continues to innovate in its field.
Shares of NASDAQ:CRDO opened at $11.03 on Wednesday and have seen fluctuations between its twelve month high of $19.46 and low of $7.20. Currently, the stock is trading at a price-to-earnings ratio of -275.75 and has a beta value of 1.86, indicating that it is more volatile than the overall market.
Several institutional investors and hedge funds have recently made changes to their positions with CRDO, showing increased interest in the company’s potential growth opportunities going forward.
For instance, Envestnet Asset Management Inc., JPMorgan Chase & Co., Bank of New York Mellon Corp, BlackRock Inc., and Vanguard Group Inc are among the major players who took up new positions in Credo Technology Group during Q1 2023.
As the tech industry evolves, companies like Credo Technology Group will play pivotal roles in driving growth and innovation in these sectors going forward – which means that they should continue to be watched closely by investors interested in grabbing shares early on while there is still potential for exponential growth ahead of them!
