Credo Technology Group (NASDAQ:CRDO) Shares Up 7.2% – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares rose 7.2% during mid-day trading on Tuesday . The company traded as high as $75.88 and last traded at $75.79. Approximately 2,643,299 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 5,240,295 shares. The stock had previously closed at $70.70.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Mizuho raised their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

The firm has a market cap of $11.94 billion, a P/E ratio of -475.82 and a beta of 2.09. The company has a 50-day moving average of $72.44 and a 200 day moving average of $50.21.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. The trade was a 0.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock worth $89,862,242 in the last 90 days. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the period. Allworth Financial LP increased its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the period. Finally, Quarry LP acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $58,000. Institutional investors own 80.46% of the company’s stock.

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.