Credo Technology Group (NASDAQ:CRDO) Trading Up 0.2% - What's Next?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shot up 0.2% on Tuesday . The stock traded as high as $43.63 and last traded at $43.12. 523,870 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 3,546,869 shares. The stock had previously closed at $43.04.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRDO shares. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Bank of America lowered their price target on shares of 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. Mizuho dropped their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Barclays reduced their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Stifel Nicolaus lowered their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group Stock Performance

The firm has a market capitalization of $7.83 billion, a P/E ratio of -307.65 and a beta of 2.30. The firm has a 50 day moving average price of $43.77 and a two-hundred day moving average price of $54.89.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares in the company, valued at approximately $261,656,321.92. This represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 518,665 shares of company stock valued at $23,306,713 in the last three months. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after buying an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the last quarter. Amalgamated Bank raised its holdings in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after acquiring an additional 411 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after purchasing an additional 501 shares in the last quarter. Institutional investors 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.