Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Time to Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up before the market opened on Tuesday . The stock had previously closed at $55.60, but opened at $59.55. Credo Technology Group shares last traded at $58.02, with a volume of 2,138,827 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CRDO shares. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price for the company. Needham & Company LLC increased their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Up 0.3 %

The company has a market cap of $9.33 billion, a price-to-earnings ratio of -373.38 and a beta of 2.11. The company’s fifty day moving average price is $66.70 and its two-hundred day moving average price is $44.95.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,203,804 shares of company stock valued at $83,293,192. Corporate insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% during the 3rd 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 during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares during the period. 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.