Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus Rating of “Buy” from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average rating of “Buy” by the ten brokerages that are covering the stock, Marketbeat reports. Nine analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $74.90.

A number of equities research analysts recently issued reports on CRDO shares. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Craig Hallum boosted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,130,665 shares of company stock worth $76,241,092 in the last ninety days. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Fire Capital Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $569,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Credo Technology Group during the fourth quarter valued at approximately $7,799,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Credo Technology Group during the fourth quarter worth approximately $498,000. Mackenzie Financial Corp lifted its holdings in shares of Credo Technology Group by 395.3% in the 4th quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock worth $2,564,000 after acquiring an additional 30,443 shares during the last quarter. Finally, Forum Financial Management LP purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at $253,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $40.51 on Friday. The company has a market capitalization of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. The business has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $53.73. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $86.69.

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.