Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Recommendation of "Moderate Buy" from Brokerages

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) has received an average recommendation of "Moderate Buy" from the ten research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $75.40.

Several equities research analysts have recently commented on the company. Roth Mkm boosted their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday. Mizuho increased their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Susquehanna started coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target on the stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the sale, the chief technology officer now owns 8,838,602 shares of the company's stock, valued at approximately $346,826,742.48. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 978,804 shares of company stock worth $64,733,592. 16.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Credo Technology Group by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company's stock worth $67,473,000 after purchasing an additional 242,428 shares in the last quarter. Renaissance Technologies LLC lifted its position in Credo Technology Group by 10.0% during the 2nd quarter. Renaissance Technologies LLC now owns 865,938 shares of the company's stock worth $27,658,000 after acquiring an additional 78,700 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $869,000. Connors Investor Services Inc. grew its position in Credo Technology Group by 2.5% in the second quarter. Connors Investor Services Inc. now owns 125,326 shares of the company's stock valued at $4,003,000 after acquiring an additional 3,034 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in shares of Credo Technology Group during the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Up 0.5 %

Shares of CRDO traded up $0.35 during trading hours on Tuesday, reaching $69.39. The company had a trading volume of 3,120,478 shares, compared to its average volume of 4,008,121. The firm has a 50 day simple moving average of $61.04 and a 200-day simple moving average of $42.20. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of -462.60 and a beta of 2.11.

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.