Credo Technology Group (NASDAQ:CRDO) Shares Gap Up - Here's What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $55.60, but opened at $59.55. Credo Technology Group shares last traded at $58.02, with a volume of 2,138,827 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRDO shares. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. Roth Mkm increased 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. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.40.

Credo Technology Group Price Performance

The firm has a market capitalization of $12.01 billion, a P/E ratio of -478.73 and a beta of 2.09. The firm's 50 day moving average is $68.45 and its two-hundred day moving average is $46.00.

Insider Activity

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This trade represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,358,804 shares of company stock valued at $92,342,042 in the last quarter. Company insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allworth Financial LP grew its position in shares of 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. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after buying an additional 1,001 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $38,000. Finally, WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $43,000. 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.