Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares rose 2.3% during trading on Wednesday . The stock traded as high as $37.52 and last traded at $36.10. Approximately 1,110,117 shares changed hands during trading, a decline of 68% from the average daily volume of 3,443,980 shares. The stock had previously closed at $35.30.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Barclays boosted their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Bank of America cut 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. Finally, Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average target price of $74.60.
View Our Latest Analysis on Credo Technology Group
Credo Technology Group Price Performance
The company's 50 day simple moving average is $52.54 and its 200 day simple moving average is $54.42. The stock has a market cap of $6.57 billion, a P/E ratio of -258.13 and a beta of 2.30.
Insider Activity at Credo Technology Group
In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the completion of the sale, the director now directly owns 963,725 shares in the company, valued at $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the sale, the chief technology officer now directly owns 7,938,602 shares in the company, valued at approximately $261,656,321.92. This represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 721,875 shares of company stock worth $44,039,400 in the last quarter. Corporate insiders own 16.04% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $43,000. Principal Securities Inc. boosted its position in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares during the period. Quarry LP bought a new position in shares of Credo Technology Group during the fourth quarter worth about $58,000. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group in the 4th quarter valued at approximately $61,000. Institutional investors and hedge funds own 80.46% of the company's stock.
Credo Technology Group Company Profile
(
Get Free Report)
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.
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