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

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price shot up 7.2% during trading on Tuesday . The stock traded as high as $75.88 and last traded at $75.79. 2,643,299 shares changed hands during trading, a decline of 50% from the average session volume of 5,240,295 shares. The stock had previously closed at $70.70.

Analyst Upgrades and Downgrades

Several research firms recently commented on CRDO. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Barclays upped their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Craig Hallum upped their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC upped their target price 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. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Performance

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

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was 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 owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at $418,605,499.14. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group in the 3rd quarter worth about $3,948,000. Wellington Management Group LLP increased its position in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP acquired a new position in Credo Technology Group in the 3rd quarter worth about $553,000. Charles Schwab Investment Management Inc. increased its position in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.