Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price was up 1.7% during mid-day trading on Tuesday . The stock traded as high as $40.28 and last traded at $40.83. Approximately 857,371 shares traded hands during trading, a decline of 74% from the average daily volume of 3,331,996 shares. The stock had previously closed at $40.16.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on CRDO shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Mizuho lifted 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 upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, The Goldman Sachs Group lifted their price objective 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 investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $74.90.
Get Our Latest Analysis on Credo Technology Group
Credo Technology Group Price Performance
The stock has a market cap of $7.31 billion, a PE ratio of -286.93 and a beta of 2.16. The company has a 50-day simple moving average of $58.13 and a 200-day simple moving average of $54.03.
Insider Activity
In other news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the sale, the chief operating officer now owns 200,000 shares of the company's stock, valued at $14,652,000. The trade was a 33.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the sale, the chief technology officer now owns 8,448,602 shares in the company, valued at approximately $584,812,230.44. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,030,665 shares of company stock worth $69,289,092 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.
Institutional Trading of Credo Technology Group
A number of institutional investors have recently bought and sold shares of CRDO. Nisa Investment Advisors LLC increased its position in shares of Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after buying an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after acquiring an additional 348 shares in the last quarter. GAMMA Investing LLC raised its position in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after acquiring an additional 351 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after purchasing an additional 501 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Credo Technology Group Company Profile
(
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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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