Credo Technology Group (NASDAQ:CRDO) Trading Up 1.7% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $40.28 and last traded at $40.83. Approximately 857,371 shares traded hands during trading, a decline of 74% from the average daily volume of 3,331,996 shares. The stock had previously closed at $40.16.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRDO. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Barclays boosted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Stock Performance

The firm has a market cap of $7.31 billion, a P/E ratio of -286.93 and a beta of 2.16. The business’s fifty day moving average is $58.13 and its 200-day moving average is $54.03.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction on Friday, January 31st. The shares were 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 970,665 shares of company stock worth $65,135,892 over the last three months. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its position in shares of Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC boosted its holdings 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. Amalgamated Bank increased its position in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after acquiring an additional 411 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after acquiring an additional 501 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.