Credo Technology Group (NASDAQ:CRDO) Shares Up 4.5% - Still a Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) traded up 4.5% during trading on Tuesday . The stock traded as high as $39.94 and last traded at $37.51. 2,325,744 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 5,801,985 shares. The stock had previously closed at $35.91.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Finally, Stifel Nicolaus raised 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 note on Monday, January 6th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $74.60.

Credo Technology Group Stock Up 1.3 %

The stock has a fifty day moving average of $52.54 and a two-hundred day moving average of $54.42. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -258.13 and a beta of 2.30.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the transaction, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. The trade was a 13.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the sale, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at approximately $261,656,321.92. This trade represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 721,875 shares of company stock worth $44,039,400 in the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its stake in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after acquiring an additional 351 shares during the last quarter. Amalgamated Bank raised its position in shares of Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after acquiring an additional 411 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after purchasing an additional 501 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.