Credo Technology Group (NASDAQ:CRDO) Trading 10.4% Higher – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price rose 10.4% on Thursday . The stock traded as high as $65.50 and last traded at $64.88. Approximately 1,198,980 shares traded hands during trading, a decline of 77% from the average daily volume of 5,273,600 shares. The stock had previously closed at $58.79.

Analyst Ratings Changes

Several research firms have weighed in on CRDO. Mizuho lifted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. 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. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price target 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. Finally, Susquehanna initiated coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Up 8.4 %

The company has a market cap of $11.71 billion, a price-to-earnings ratio of -466.80 and a beta of 2.11. The business has a 50-day simple moving average of $68.45 and a two-hundred day simple moving average of $45.80.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. The trade was a 3.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,358,804 shares of company stock worth $92,342,042. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Allworth Financial LP raised its stake in 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 purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group during the 3rd quarter worth about $30,000. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $38,000. Finally, WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the fourth quarter worth about $43,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.