Credo Technology Group (NASDAQ:CRDO) Reaches New 52-Week High After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) reached a new 52-week high during trading on Friday after Barclays raised their price target on the stock from $80.00 to $90.00. Barclays currently has an overweight rating on the stock. Credo Technology Group traded as high as $80.11 and last traded at $81.27, with a volume of 1483287 shares. The stock had previously closed at $75.60.

Several other equities research analysts also recently issued reports on the company. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group upped 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. 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. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. 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. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the completion of the sale, the chief operating officer now owns 200,000 shares of the company’s stock, valued at approximately $14,652,000. The trade was a 33.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,188,804 shares of company stock worth $79,811,292. 16.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wesbanco Bank Inc. boosted its position in shares of Credo Technology Group by 25.7% during the 4th quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company’s stock worth $1,313,000 after purchasing an additional 4,000 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Credo Technology Group during the fourth quarter worth about $353,000. Finley Financial LLC acquired a new position in Credo Technology Group during the fourth quarter worth about $173,000. Nisa Investment Advisors LLC increased its holdings in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares in the last quarter. Finally, Oak Ridge Investments LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $3,399,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The business has a fifty day moving average of $62.88 and a two-hundred day moving average of $43.08. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

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.