Credo Technology Group (NASDAQ:CRDO) Hits New 52-Week High - Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $42.74 and last traded at $42.42, with a volume of 82993 shares trading hands. The stock had previously closed at $40.07.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRDO. Barclays upped their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Thursday, September 5th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Craig Hallum upped their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" rating in a research note on Thursday, September 5th. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC increased their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.56.

Credo Technology Group Stock Performance

The business's fifty day simple moving average is $33.35 and its 200-day simple moving average is $28.50. The firm has a market capitalization of $6.95 billion, a PE ratio of -263.44 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The company had revenue of $59.71 million for the quarter, compared to analysts' expectations of $59.50 million. Sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,838,602 shares of the company's stock, valued at approximately $346,826,742.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,389,817 shares of company stock valued at $44,436,836. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the company. Assetmark Inc. increased its stake in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock valued at $153,000 after buying an additional 257 shares during the period. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after buying an additional 400 shares during the period. CWM LLC grew its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. US Bancorp DE grew its stake in Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.