Credo Technology Group (NASDAQ:CRDO) Shares Up 1.4% - Here's Why

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) traded up 1.4% during mid-day trading on Wednesday . The stock traded as high as $42.58 and last traded at $42.32. 741,177 shares traded hands during trading, a decline of 78% from the average session volume of 3,340,698 shares. The stock had previously closed at $41.72.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Barclays lifted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus price target of $74.60.

Credo Technology Group Price Performance

The company has a market cap of $5.65 billion, a PE ratio of -222.00 and a beta of 2.16. The stock has a fifty day moving average price of $56.25 and a 200-day moving average price of $53.95.

Insider Buying and Selling

In other news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction dated 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 owns 5,902,402 shares in the company, valued at $395,224,837.92. This 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, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company's stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 980,665 shares of company stock valued at $65,566,692. Corporate insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Fire Capital Management LLC acquired a new position in Credo Technology Group in the 4th quarter worth about $569,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Credo Technology Group in the fourth quarter worth about $7,799,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Credo Technology Group in the fourth quarter worth about $498,000. Mackenzie Financial Corp boosted its stake in shares of Credo Technology Group by 395.3% during the 4th quarter. Mackenzie Financial Corp now owns 38,144 shares of the company's stock worth $2,564,000 after acquiring an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $253,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.