Credo Technology Group (NASDAQ:CRDO) Shares Gap Up - What's Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $37.02, but opened at $40.74. Credo Technology Group shares last traded at $42.12, with a volume of 849,655 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CRDO shares. Mizuho decreased their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Barclays decreased their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average price target of $71.50.

Credo Technology Group Trading Up 1.0 %

The stock has a market capitalization of $7.27 billion, a PE ratio of -285.99 and a beta of 2.30. The stock's fifty day simple moving average is $46.01 and its 200-day simple moving average is $54.69.

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 that occurred on Tuesday, April 22nd. The shares were sold at an average price of $36.74, for a total transaction of $2,020,700.00. Following the transaction, the chief technology officer now owns 7,773,602 shares of the company's stock, valued at $285,602,137.48. This trade represents a 0.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 618,665 shares of company stock worth $29,993,313. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. grew its holdings in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group in the first quarter worth $27,000. Finally, Quarry LP purchased a new position in shares of Credo Technology Group during the 4th quarter valued at $58,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.