Credo Technology Group (NASDAQ:CRDO) Shares Up 5.4% - Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) was up 5.4% on Tuesday . The company traded as high as $37.16 and last traded at $36.73. Approximately 1,138,823 shares traded hands during trading, a decline of 68% from the average daily volume of 3,508,271 shares. The stock had previously closed at $34.86.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRDO. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Stifel Nicolaus cut their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Barclays lowered their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Finally, 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 report on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Price Performance

The business's fifty day moving average price is $46.01 and its 200-day moving average price is $54.69. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -285.99 and a beta of 2.30.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 8,000 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now directly owns 271,725 shares in the company, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $36.74, for a total transaction of $2,020,700.00. Following the completion of the sale, the chief technology officer now owns 7,773,602 shares of the company's stock, valued at approximately $285,602,137.48. The trade was a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 618,665 shares of company stock worth $29,993,313. Insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. grew its stake in 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 purchasing an additional 576 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Credo Technology Group during the 1st quarter valued at $27,000. Finally, Quarry LP purchased a new position in shares of Credo Technology Group in the 4th quarter worth about $58,000. 80.46% of the stock is owned by institutional investors.

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.