Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares saw strong trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. 1,137,681 shares traded hands during mid-day trading, a decline of 45% from the previous session's volume of 2,071,305 shares.The stock last traded at $77.61 and had previously closed at $72.39.

Other research analysts also recently issued reports about the company. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Barclays upped their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target for the company. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Finally, Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of "Moderate Buy" and an average price target of $69.10.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the transaction, the chief operating officer now owns 300,000 shares of the company's stock, valued at $20,856,000. The trade was a 25.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the sale, the chief technology officer now owns 8,448,602 shares in the company, valued at $584,812,230.44. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 970,295 shares of company stock worth $52,700,373 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted 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. Driehaus Capital Management LLC raised its stake 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 buying an additional 115,271 shares during the period. Swedbank AB grew its stake in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC increased its stake in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 5.9 %

The business's fifty day moving average is $57.21 and its 200 day moving average is $40.39. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.26.

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.