Credo Technology Group (NASDAQ:CRDO) Stock Price Up 9.3% - Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares traded up 9.3% during trading on Tuesday . The company traded as high as $42.26 and last traded at $43.13. 2,367,677 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 3,101,167 shares. The stock had previously closed at $39.45.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group boosted 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. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday. Craig Hallum raised their price objective 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. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $74.90.

Credo Technology Group Stock Performance

The business has a 50 day moving average price of $68.09 and a 200-day moving average price of $52.46. The company has a market capitalization of $7.25 billion, a price-to-earnings ratio of -289.07 and a beta of 2.16.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the transaction, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock valued at $82,695,512 in the last quarter. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Credo Technology Group by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after buying an additional 138,686 shares during the last quarter. Swedbank AB grew its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.

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