Credo Technology Group (NASDAQ:CRDO) Trading Up 10.4% – Still a Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price rose 10.4% during trading on Thursday . The stock traded as high as $65.50 and last traded at $64.88. Approximately 1,198,980 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 5,273,600 shares. The stock had previously closed at $58.79.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CRDO shares. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Susquehanna began 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 for the company. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

The firm has a market cap of $11.71 billion, a price-to-earnings ratio of -466.80 and a beta of 2.11. The business’s 50 day moving average price is $68.45 and its 200-day moving average price is $45.80.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,804 shares of company stock worth $92,342,042 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group during the 3rd quarter worth about $3,948,000. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group in the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, 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. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.