Credo Technology Group (NASDAQ:CRDO) Trading 7.2% Higher - What's Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price rose 7.2% during mid-day trading on Tuesday . The stock traded as high as $75.88 and last traded at $75.79. Approximately 2,643,299 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 5,240,295 shares. The stock had previously closed at $70.70.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent research reports. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Needham & Company LLC increased their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Susquehanna assumed coverage on Credo Technology Group in a research note on Tuesday, December 17th. They set a "neutral" rating and a $80.00 target price for the company. Finally, Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $76.40.

Credo Technology Group Price Performance

The company has a 50-day simple moving average of $72.44 and a two-hundred day simple moving average of $50.21. The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of -445.20 and a beta of 2.09.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares of the company's stock, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of the firm's stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock valued at $89,862,242 over the last three months. Company insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the third quarter worth about $30,000. Brown Brothers Harriman & Co. grew its holdings in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after acquiring an additional 1,001 shares during the period. Kestra Investment Management LLC acquired a new position in Credo Technology Group during the fourth quarter worth about $38,000. Finally, WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter worth about $43,000. 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.