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

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $80.02, but opened at $83.75. Credo Technology Group shares last traded at $77.96, with a volume of 1,205,805 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum raised their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Price Performance

The company has a fifty day moving average price of $65.04 and a 200-day moving average price of $44.15.

Insider Activity

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated 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 transaction, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00. Following the sale, the chief technology officer now owns 8,328,602 shares in the company, valued at approximately $579,420,841.14. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,133,804 shares of company stock worth $77,653,092. 16.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRDO. Point72 Hong Kong Ltd bought a new position in Credo Technology Group during the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP boosted its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after acquiring an additional 118,169 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

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.