Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.4% – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was up 1.4% on Wednesday . The stock traded as high as $42.58 and last traded at $42.32. Approximately 741,177 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,340,698 shares. The stock had previously closed at $41.72.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRDO. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $74.90.

Credo Technology Group Stock Up 6.6 %

The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of -296.47 and a beta of 2.16. The stock has a fifty day moving average of $58.98 and a 200-day moving average of $54.10.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the transaction, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. This trade represents a 0.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,030,665 shares of company stock worth $69,289,092. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of the stock. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. increased its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares in the last quarter. Quarry LP acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $61,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.