Credo Technology Group (NASDAQ:CRDO) Trading Up 7.8% – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded up 7.8% during trading on Monday . The company traded as high as $49.80 and last traded at $49.95. 1,230,978 shares were traded during trading, a decline of 62% from the average session volume of 3,198,129 shares. The stock had previously closed at $46.34.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRDO. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Barclays boosted 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 report on Friday, January 17th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Price Performance

The stock has a 50-day simple moving average of $63.41 and a 200-day simple moving average of $53.21. The stock has a market cap of $8.41 billion, a PE ratio of -330.20 and a beta of 2.16.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the sale, the chief operating officer now directly owns 300,000 shares in the company, valued at $20,856,000. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,065,665 shares of company stock worth $73,051,442. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in shares of Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC lifted its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.