Credo Technology Group (NASDAQ:CRDO) Trading Up 1.4% – Here’s What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price rose 1.4% on Wednesday . The company traded as high as $42.58 and last traded at $42.32. Approximately 741,177 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 3,340,698 shares. The stock had previously closed at $41.72.

Analyst Ratings Changes

A number of analysts have recently issued reports on CRDO shares. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday. 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 note on Friday, January 17th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Bank of America reduced their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $74.60.

Credo Technology Group Trading Down 13.7 %

The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of -247.60 and a beta of 2.16. The business has a 50-day moving average price of $57.19 and a two-hundred day moving average price of $53.91.

Insider Activity

In other news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the transaction, the chief technology officer now owns 8,388,602 shares of the company’s stock, valued at approximately $604,734,318.18. This represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The shares were 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 in the company, 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. Over the last quarter, insiders sold 970,665 shares of company stock valued at $65,135,892. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the 3rd quarter valued at $553,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Credo Technology Group in the 4th quarter worth $700,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Credo Technology Group by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after buying an additional 907 shares during the period. Institutional investors and hedge funds 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.