Credo Technology Group (NASDAQ:CRDO) Shares Up 4.5% – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price traded up 4.5% on Tuesday . The company traded as high as $39.94 and last traded at $37.51. 2,325,744 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 5,801,985 shares. The stock had previously closed at $35.91.

Analyst Ratings Changes

Several analysts have issued reports on CRDO shares. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America lowered their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. 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 note on Monday, January 6th. Finally, Mizuho lowered their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $74.60.

Credo Technology Group Trading Down 3.5 %

The firm has a 50-day moving average of $55.85 and a two-hundred day moving average of $54.37. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of -229.54 and a beta of 2.30.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total value of $430,800.00. Following the sale, the chief operating officer now directly owns 2,792,447 shares in the company, valued at $120,298,616.76. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at $604,734,318.18. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,665 shares of company stock worth $54,153,192 over the last three months. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Nisa Investment Advisors LLC raised its holdings in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC increased its position 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 raised its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares in the last quarter. Amalgamated Bank lifted its position in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares during the period. Finally, Arizona State Retirement System boosted its stake in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after buying an additional 501 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.