Credo Technology Group (NASDAQ:CRDO) Trading 10.1% Higher - Here's What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price shot up 10.1% during trading on Wednesday . The company traded as high as $42.47 and last traded at $40.76. 1,808,055 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 3,518,451 shares. The stock had previously closed at $37.02.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Stifel Nicolaus reduced their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Mizuho decreased their price target on 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. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $71.50.

Credo Technology Group Stock Performance

The firm has a 50 day moving average of $46.01 and a two-hundred day moving average of $54.69. The stock has a market cap of $7.30 billion, a P/E ratio of -286.59 and a beta of 2.30.

Insider Activity

In other Credo Technology Group news, 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 directly owns 2,825,621 shares of the company's stock, valued at $165,750,927.86. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 618,665 shares of company stock valued at $29,993,313. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of the company. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. raised its stake in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group during the 1st quarter worth about $27,000. Finally, Quarry LP acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $58,000. 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.