Credo Technology Group (NASDAQ:CRDO) Trading 7.8% Higher - What's Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) traded up 7.8% on Monday . The company traded as high as $49.80 and last traded at $49.95. 1,230,978 shares changed hands during trading, a decline of 62% from the average session volume of 3,198,129 shares. The stock had previously closed at $46.34.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Stifel Nicolaus upped their price objective 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. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and a consensus price target of $74.90.

Credo Technology Group Stock Performance

The stock has a market capitalization of $6.87 billion, a P/E ratio of -269.97 and a beta of 2.16. The stock has a 50-day simple moving average of $61.36 and a 200 day simple moving average of $53.42.

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Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,120,665 shares of company stock worth $75,788,792 over the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. grew its position in shares of 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 bought a new position in Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. increased its stake in Credo Technology Group by 626.1% in 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 in the last quarter. Finally, Quarry LP acquired a new stake in Credo Technology Group in the fourth quarter worth $58,000. Institutional investors own 80.46% of the company's stock.

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.