Credo Technology Group (NASDAQ:CRDO) Shares Up 6.1% - Still a Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shot up 6.1% during mid-day trading on Friday . The stock traded as high as $73.10 and last traded at $72.61. 538,386 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,418,164 shares. The stock had previously closed at $68.42.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $67.33.

Credo Technology Group Stock Up 11.0 %

The stock's fifty day moving average price is $46.69 and its 200-day moving average price is $35.46. The company has a market capitalization of $12.70 billion, a price-to-earnings ratio of -506.33 and a beta of 2.26.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the transaction, the chief technology officer now owns 9,003,602 shares of the company's stock, valued at $267,136,871.34. The trade was a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares of the company's stock, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,276,120 shares of company stock worth $49,535,455. Corporate insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Assetmark Inc. increased its position in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after buying an additional 257 shares during the period. Fifth Third Bancorp increased its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after acquiring an additional 400 shares during the period. Advisors Asset Management Inc. raised its stake in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock worth $145,000 after purchasing an additional 478 shares in the last quarter. CWM LLC boosted its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after purchasing an additional 594 shares during the period. Finally, US Bancorp DE boosted its holdings in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after purchasing an additional 649 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

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.