Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $80.02, but opened at $83.75. Credo Technology Group shares last traded at $77.96, with a volume of 1,205,805 shares.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. The Goldman Sachs Group lifted their target price 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. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Price Performance

The stock has a 50 day moving average price of $63.55 and a 200-day moving average price of $43.50. The stock has a market capitalization of $13.59 billion, a price-to-earnings ratio of -540.90 and a beta of 2.11.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the sale, the chief financial officer now owns 656,456 shares in the company, valued at $31,824,986.88. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,133,804 shares of company stock valued at $77,653,092 in the last quarter. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group during the third quarter worth $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Larson Financial Group LLC grew its stake in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during 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.