Credo Technology Group (NASDAQ:CRDO) Trading 1% Higher – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price shot up 1% during mid-day trading on Tuesday . The company traded as high as $40.48 and last traded at $39.48. 464,790 shares changed hands during trading, a decline of 87% from the average session volume of 3,487,786 shares. The stock had previously closed at $39.10.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Stifel Nicolaus lifted their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $74.60.

Credo Technology Group Trading Down 3.7 %

The firm has a market capitalization of $6.40 billion, a P/E ratio of -251.47 and a beta of 2.30. The business’s fifty day moving average is $50.13 and its 200 day moving average is $54.41.

Insider Activity

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James Laufman sold 8,000 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the sale, the insider now owns 271,725 shares in the company, valued at approximately $10,621,730.25. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 578,665 shares of company stock worth $31,561,763. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in Credo Technology Group in the 4th quarter worth about $117,242,000. Alliancebernstein L.P. grew its position in Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc increased its stake in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after buying an additional 1,150,084 shares during the period. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 7.4% in the 3rd 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after buying an additional 795,751 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.