Credo Technology Group (NASDAQ:CRDO) Shares Up 7.8% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price shot up 7.8% during mid-day trading on Monday . The company traded as high as $49.80 and last traded at $49.95. 1,230,978 shares were traded during trading, a decline of 62% from the average session volume of 3,198,129 shares. The stock had previously closed at $46.34.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRDO shares. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, TD Cowen increased their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Up 6.9 %

The stock has a market cap of $8.41 billion, a PE ratio of -330.20 and a beta of 2.16. The stock has a fifty day moving average of $63.41 and a 200-day moving average of $53.21.

Insider Activity

In related news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. The trade was a 0.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,065,665 shares of company stock valued at $73,051,442. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. grew its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. boosted its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Finally, Quarry LP acquired a new stake in Credo Technology Group in the fourth quarter valued at $58,000. Hedge funds and other 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.