Credo Technology Group (NASDAQ:CRDO) Trading Up 10.1% - What's Next?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shot up 10.1% during mid-day trading on Wednesday . The company traded as high as $42.47 and last traded at $40.76. 1,808,055 shares traded hands during trading, a decline of 49% from the average session volume of 3,518,451 shares. The stock had previously closed at $37.02.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Bank of America dropped 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. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Mizuho decreased their price target 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. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $71.50.

Credo Technology Group Stock Performance

The business's 50 day moving average is $45.38 and its 200 day moving average is $54.90. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated 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 sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at $165,750,927.86. This represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 618,665 shares of company stock valued at $29,993,313 over the last three months. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Norges Bank bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc raised its holdings in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 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.