Credo Technology Group (NASDAQ:CRDO) Trading Up 1% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares rose 1% on Tuesday . The company traded as high as $40.48 and last traded at $39.48. Approximately 464,790 shares traded hands during trading, a decline of 87% from the average daily volume of 3,487,786 shares. The stock had previously closed at $39.10.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRDO. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho reduced their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average price target of $74.60.

Credo Technology Group Price Performance

The firm has a 50 day moving average of $50.13 and a 200-day moving average of $54.41. The stock has a market capitalization of $6.40 billion, a P/E ratio of -251.47 and a beta of 2.30.

Insider Buying and Selling

In other Credo Technology Group news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now directly owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the transaction, the chief technology officer now directly owns 7,938,602 shares of the company’s stock, valued at approximately $261,656,321.92. The trade was a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 578,665 shares of company stock valued at $31,561,763 over the last ninety days. 16.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth about $301,000. Handelsbanken Fonder AB raised its stake in shares of Credo Technology Group by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company’s stock valued at $1,422,000 after acquiring an additional 2,400 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group by 103.5% in the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock worth $80,000 after acquiring an additional 1,008 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Credo Technology Group during the 1st quarter worth approximately $1,759,000. Finally, Kraematon Investment Advisors Inc. acquired a new stake in Credo Technology Group during the 1st quarter valued at $389,000. 80.46% of the stock is currently 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.