Credo Technology Group (NASDAQ:CRDO) Shares Up 4.5% – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price rose 4.5% during mid-day trading on Tuesday . The stock traded as high as $39.94 and last traded at $37.51. Approximately 2,325,744 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 5,801,985 shares. The stock had previously closed at $35.91.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRDO. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $74.60.

Credo Technology Group Trading Down 3.5 %

The stock’s 50-day moving average price is $55.85 and its 200-day moving average price is $54.37. The company has a market capitalization of $5.89 billion, a P/E ratio of -229.54 and a beta of 2.30.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total value of $4,834,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,268,602 shares in the company, valued at $666,201,263.14. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now owns 2,792,447 shares in the company, valued at $120,298,616.76. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,665 shares of company stock worth $54,153,192 over the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after purchasing an additional 348 shares in the last quarter. GAMMA Investing LLC lifted its stake in Credo Technology Group by 56.3% during 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. Amalgamated Bank boosted its holdings in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after buying an additional 501 shares during the last quarter. 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.