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

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Barclays boosted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus reissued 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. Mizuho upped their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $67.33.

Credo Technology Group Stock Performance

The firm has a 50-day moving average of $45.82 and a 200-day moving average of $34.97. The firm has a market capitalization of $12.44 billion, a P/E ratio of -484.07 and a beta of 2.26.

Insider Activity

In related news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Laufman sold 20,000 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock valued at $49,535,455 over the last three months. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Swedbank AB boosted its holdings in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. grew its position in shares of 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 purchasing an additional 1,660,230 shares in the last quarter. FMR LLC raised its stake in Credo Technology Group by 731.6% during 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 period. Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Institutional investors 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.