Credo Technology Group (NASDAQ:CRDO) Trading 6.1% Higher – Here’s Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares traded up 6.1% during trading on Friday . The stock traded as high as $73.10 and last traded at $72.61. 538,386 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,418,164 shares. The stock had previously closed at $68.42.

Analyst Ratings Changes

A number of research analysts have recently commented on CRDO shares. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Craig Hallum boosted 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 note on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $67.33.

Credo Technology Group Stock Performance

The company’s fifty day moving average is $46.69 and its two-hundred day moving average is $35.46. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of -506.33 and a beta of 2.26.

Insider Activity at Credo Technology Group

In related news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the sale, the insider now directly owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. This trade represents a 6.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the transaction, the chief technology officer now owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. This trade represents a 0.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,276,120 shares of company stock worth $49,535,455. 16.04% of the stock is currently owned by company insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group during the second quarter valued at $29,000. Rakuten Securities Inc. bought a new stake in Credo Technology Group during the third quarter valued at $30,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Credo Technology Group by 695.1% in the 3rd 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 last quarter. Institutional investors and hedge funds 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.