Credo Technology Group (NASDAQ:CRDO) Trading 7.8% Higher – What’s Next?

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CRDO shares. TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, 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. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $74.90.

Credo Technology Group Stock Down 2.7 %

The firm has a market capitalization of $8.35 billion, a PE ratio of -327.87 and a beta of 2.16. The business has a 50-day moving average price of $62.64 and a 200-day moving average price of $53.56.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on 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 transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,065,665 shares of company stock worth $73,051,442. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at about $117,242,000. Point72 Asset Management L.P. increased its position in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc boosted its holdings in shares of Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the period. Finally, FMR LLC raised its position in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.