Credo Technology Group (NASDAQ:CRDO) Trading 10.4% Higher – Here’s What Happened

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were up 10.4% on Thursday . The company traded as high as $65.50 and last traded at $64.88. Approximately 1,198,980 shares changed hands during trading, a decline of 77% from the average daily volume of 5,273,600 shares. The stock had previously closed at $58.79.

Analyst Ratings Changes

CRDO has been the topic of several analyst reports. Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Barclays raised their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” 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’s stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Up 10.9 %

The business’s fifty day moving average is $67.60 and its 200-day moving average is $45.41. The company has a market cap of $10.91 billion, a PE ratio of -435.56 and a beta of 2.11.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the sale, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This trade represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,258,804 shares of company stock valued at $86,476,042 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Swedbank AB grew its position in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Point72 Asset Management L.P. lifted its stake in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares in the last quarter. FMR LLC raised its holdings in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

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.