Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus Rating of "Buy" from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) has earned an average rating of "Buy" from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $74.60.

Several brokerages have recently weighed in on CRDO. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Barclays boosted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded down $5.41 during mid-day trading on Friday, hitting $37.63. The company had a trading volume of 2,102,158 shares, compared to its average volume of 5,723,778. The company has a market capitalization of $6.39 billion, a PE ratio of -250.87 and a beta of 2.16. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The firm has a fifty day moving average price of $58.13 and a 200 day moving average price of $54.03.

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Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, January 10th. The stock was sold at an average price of $72.61, for a total transaction of $275,191.90. Following the sale, the chief financial officer now directly owns 638,564 shares in the company, valued at approximately $46,366,132.04. This trade represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the transaction, the chief operating officer now owns 2,802,447 shares of the company's stock, valued at $126,754,677.81. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 970,665 shares of company stock worth $65,135,892. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fire Capital Management LLC bought a new stake in Credo Technology Group in the fourth quarter worth about $569,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $7,799,000. B. Riley Wealth Advisors Inc. purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $498,000. Mackenzie Financial Corp grew its holdings in Credo Technology Group by 395.3% during the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company's stock valued at $2,564,000 after purchasing an additional 30,443 shares during the period. Finally, Forum Financial Management LP purchased a new stake in Credo Technology Group in the fourth quarter worth $253,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.