Credo Technology Group (NASDAQ:CRDO) Hits New 52-Week High - Here's Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price reached a new 52-week high on Monday . The company traded as high as $79.00 and last traded at $79.00, with a volume of 71734 shares. The stock had previously closed at $75.95.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays lifted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. 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 research note on Tuesday, December 3rd. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $67.33.

Credo Technology Group Trading Up 1.7 %

The company has a fifty day simple moving average of $46.69 and a 200-day simple moving average of $35.57. The company has a market capitalization of $12.92 billion, a PE ratio of -515.00 and a beta of 2.26.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business's 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 sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This trade 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 sold 1,276,120 shares of company stock worth $49,535,455. Insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at $3,948,000. Wellington Management Group LLP lifted its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Centiva Capital LP purchased a new stake in Credo Technology Group during the 3rd quarter worth approximately $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock worth $7,507,000 after buying an additional 118,169 shares in the last quarter. Institutional investors and hedge funds 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.