Credo Technology Group (NASDAQ:CRDO) Trading Up 9.3% – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO) rose 9.3% during mid-day trading on Tuesday . The company traded as high as $42.26 and last traded at $43.13. Approximately 2,367,677 shares were traded during trading, a decline of 24% from the average daily volume of 3,101,167 shares. The stock had previously closed at $39.45.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. 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. Craig Hallum lifted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, The Goldman Sachs Group increased their price objective on shares of 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 assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Stock Down 5.4 %

The firm has a market capitalization of $7.52 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. The business’s 50-day simple moving average is $67.22 and its two-hundred day simple moving average is $52.48.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now 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 have sold a total of 1,190,496 shares of company stock valued at $82,695,512 over the last 90 days. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of CRDO. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. raised its stake in shares of 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 acquiring an additional 1,660,230 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock valued at $222,884,000 after acquiring an additional 138,686 shares in the last quarter. Swedbank AB increased its holdings in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Finally, Wellington Management Group LLP raised 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 purchasing an additional 705,512 shares during the period. 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.