Credo Technology Group (NASDAQ:CRDO) Trading Up 1.7% – Here’s What Happened

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

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research reports. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus boosted their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Trading Up 3.2 %

The company’s 50 day moving average is $58.13 and its 200-day moving average is $54.03. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of -286.93 and a beta of 2.16.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 970,665 shares of company stock worth $65,135,892. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the period. FMR LLC grew its stake in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Credo Technology Group by 19.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock worth $774,000 after acquiring an additional 4,142 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the period. Finally, Captrust Financial Advisors grew its position in shares of Credo Technology Group by 24.6% during the 3rd quarter. Captrust Financial Advisors now owns 98,257 shares of the company’s stock worth $3,026,000 after purchasing an additional 19,397 shares in the last quarter. Institutional investors 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.