Credo Technology Group (NASDAQ:CRDO) Stock Price Up 10.4% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price was up 10.4% during trading on Thursday . The stock traded as high as $65.50 and last traded at $64.88. Approximately 1,198,980 shares changed hands during mid-day 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

A number of equities analysts have recently weighed in on CRDO shares. Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of 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, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Up 10.9 %

The company has a market cap of $10.91 billion, a price-to-earnings ratio of -435.56 and a beta of 2.11. The business’s fifty day simple moving average is $67.60 and its two-hundred day simple moving average is $45.41.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 $45,640,933.38. This represents a 0.58 % 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, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the transaction, the chief technology officer now owns 8,213,602 shares in the company, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,258,804 shares of company stock valued at $86,476,042. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $43,000. Allworth Financial LP increased its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its position in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted 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 period. 80.46% of the stock is currently owned by hedge funds and other 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.