Credo Technology Group (NASDAQ:CRDO) Sets New 1-Year High – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares hit a new 52-week high during trading on Monday . The stock traded as high as $79.00 and last traded at $79.00, with a volume of 71734 shares. The stock had previously closed at $75.95.

Analyst Upgrades and Downgrades

Several analysts have commented on CRDO shares. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Barclays raised their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday. They set a “neutral” rating and a $80.00 target price for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Credo Technology Group Price Performance

The company has a market cap of $11.68 billion, a P/E ratio of -465.53 and a beta of 2.26. The company’s 50-day moving average is $47.59 and its two-hundred day moving average is $35.93.

Insider Activity 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 Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the completion of the sale, the chief technology officer now owns 9,003,602 shares of the company’s stock, valued at $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock valued at $49,535,455 over the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its position in Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock worth $2,250,000 after purchasing an additional 11,065 shares during the period. Geode Capital Management LLC grew its position in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Credo Technology Group in the 3rd quarter worth approximately $614,000. Orion Portfolio Solutions LLC grew its position in Credo Technology Group by 40.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock worth $314,000 after purchasing an additional 2,945 shares during the period. Finally, Castleark Management LLC grew its position in Credo Technology Group by 31.9% in the 3rd quarter. Castleark Management LLC now owns 166,730 shares of the company’s stock worth $5,135,000 after purchasing an additional 40,300 shares during the period. Institutional investors 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.