Credo Technology Group (NASDAQ:CRDO) Shares Up 3.5% - Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shot up 3.5% during mid-day trading on Monday . The stock traded as high as $41.53 and last traded at $40.09. 966,293 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 3,492,699 shares. The stock had previously closed at $38.72.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRDO shares. Mizuho decreased their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Barclays increased 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. Stifel Nicolaus lowered their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $73.50.

Credo Technology Group Stock Performance

The firm's 50-day moving average is $49.32 and its two-hundred day moving average is $54.45. The stock has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at $227,716,796.39. This represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the transaction, the chief technology officer now directly owns 8,213,602 shares in the company, valued at $475,321,147.74. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 633,665 shares of company stock valued at $33,612,713 over the last 90 days. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $117,242,000. Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc boosted its holdings in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. 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.