Credo Technology Group (NASDAQ:CRDO) Now Covered by Analysts at Susquehanna

Susquehanna started coverage on shares of Credo Technology Group (NASDAQ:CRDO - Free Report) in a research report sent to investors on Tuesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $80.00 price objective on the stock.

CRDO has been the topic of several other research reports. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Stifel Nicolaus reiterated a "buy" rating and issued a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and upped their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Roth Mkm boosted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $68.60.

Credo Technology Group Trading Down 9.6 %

CRDO stock traded down $7.42 during mid-day trading on Tuesday, reaching $69.83. The company's stock had a trading volume of 4,665,021 shares, compared to its average volume of 2,463,693. The stock has a market cap of $11.68 billion, a PE ratio of -483.60 and a beta of 2.26. The company's 50 day moving average is $47.59 and its two-hundred day moving average is $35.93. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 143,880 shares of the business's stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the transaction, the director now owns 2,638,725 shares in the company, valued at $80,481,112.50. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,276,120 shares of company stock worth $49,535,455. Company insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Point72 Asset Management L.P. boosted its stake in Credo Technology Group by 73.6% during the 3rd 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 during the period. Driehaus Capital Management LLC lifted its position in Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after acquiring an additional 115,271 shares during the period. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after purchasing an additional 170,412 shares during the period. Finally, Wellington Management Group LLP increased its stake 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 valued at $88,188,000 after buying an additional 705,512 shares during the period. Hedge funds and other 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.