Credo Technology ($CRDO) jumped 16% in pre-market trading after reporting its strongest quarterly results to date, extending a rally that has now lifted the stock 169% since Representative Robert Bresnahan, who sits on multiple economic and technology related congressional committees, reported purchasing shares earlier this year.
- Credo reported adjusted EPS of $0.67, beating analyst expectations of $0.49.
- Revenue grew 272% year-over-year to $268 million, ahead of Wall Street estimates of $235 million.
- The company now guides Q4 revenue to $335–$345 million, above expectations of $331 million.
- Shares are up more than 150% year-to-date and surged to $199.10 in pre-market trading following earnings.
- Bresnahan’s disclosed trade in the stock has gained 169% since his transaction was first flagged earlier this year.
- Analysts reacted positively: Susquehanna raised its price target to $230; Stifel reiterated a Buy with a $225 target.
Relevant Companies
- Credo Technology ($CRDO) — Strong earnings and elevated AI-driven demand for high-speed data center components continue to move the stock higher.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
