Credo Technology Group (NASDAQ:CRDO) Trading 1.4% Higher – Time to Buy?

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRDO. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. TD Cowen upped 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 report on Tuesday, December 3rd. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Up 6.6 %

The stock has a 50-day moving average of $58.98 and a 200 day moving average of $54.10. The stock has a market cap of $7.55 billion, a PE ratio of -296.47 and a beta of 2.16.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the sale, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the transaction, the chief operating officer now owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,030,665 shares of company stock worth $69,289,092 in the last quarter. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Wellington Management Group LLP lifted its position in 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 valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $553,000. Charles Schwab Investment Management Inc. increased its holdings 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 valued at $35,006,000 after purchasing an additional 95,335 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the period. Finally, Proficio Capital Partners LLC acquired a new position in Credo Technology Group during the fourth quarter worth $700,000. Institutional investors and hedge funds 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.