Credo Technology Group (NASDAQ:CRDO) Stock Price Up 10.4% - What's Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price traded up 10.4% on Thursday . The stock traded as high as $65.50 and last traded at $64.88. 1,198,980 shares changed hands during trading, a decline of 77% from the average session volume of 5,273,600 shares. The stock had previously closed at $58.79.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. The Goldman Sachs Group lifted their price target 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. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Finally, Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $76.40.

Credo Technology Group Stock Up 2.6 %

The company has a market capitalization of $12.01 billion, a price-to-earnings ratio of -478.73 and a beta of 2.09. The stock's fifty day moving average price is $68.45 and its 200-day moving average price is $46.00.

Insider Activity

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. The trade was a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,804 shares of company stock worth $92,342,042 over the last ninety days. Insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after buying an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the third quarter worth $30,000. Brown Brothers Harriman & Co. increased 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 buying an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter worth $38,000. Finally, WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter worth $43,000. 80.46% of the stock is currently 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.