Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw an uptick in trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. 1,137,681 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 2,071,305 shares.The stock last traded at $77.61 and had previously closed at $72.39.

Other research analysts have also issued reports about the company. Roth Mkm boosted their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC raised their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $69.10.

Insiders Place Their Bets

In related news, 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 sale, the chief technology officer now owns 8,448,602 shares in the company, valued at $584,812,230.44. This represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the transaction, the chief operating officer now directly owns 2,872,672 shares of the company’s stock, valued at $110,339,331.52. This represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 845,295 shares of company stock valued at $48,302,873. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the period. Rakuten Securities Inc. acquired a new position in Credo Technology Group in the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. boosted its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $51,000. Finally, Larson Financial Group LLC grew its stake in shares of Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after purchasing an additional 1,399 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

The firm’s 50 day moving average is $57.88 and its 200-day moving average is $40.73. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of -501.87 and a beta of 2.11.

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.