Credo Technology Group (NASDAQ:CRDO) Hits New 1-Year High - Here's Why

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $86.69 and last traded at $85.50, with a volume of 4867867 shares trading hands. The stock had previously closed at $81.52.

Analyst Upgrades and Downgrades

Several research firms have commented on CRDO. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $76.40.

Credo Technology Group Trading Down 1.5 %

The firm has a market cap of $14.08 billion, a PE ratio of -561.20 and a beta of 2.11. The firm has a fifty day simple moving average of $65.04 and a two-hundred day simple moving average of $44.15.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the transaction, the chief operating officer now owns 400,000 shares in the company, valued at $27,212,000. This trade represents a 20.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,203,804 shares of company stock worth $83,293,192 over the last quarter. Corporate insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. raised its holdings in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Larson Financial Group LLC lifted its position in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock valued at $61,000 after acquiring an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. 80.46% of the stock is owned by 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.