Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $86.69 and last traded at $85.50, with a volume of 4867867 shares changing hands. The stock had previously closed at $81.52.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRDO. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective on the stock. Finally, Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Price Performance

The stock has a market capitalization of $13.46 billion, a P/E ratio of -536.47 and a beta of 2.11. The stock’s fifty day moving average is $66.70 and its 200-day moving average is $44.76.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the completion of the transaction, the chief technology officer now owns 8,268,602 shares of the company’s stock, valued at $666,201,263.14. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,203,804 shares of company stock worth $83,293,192. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP lifted its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group during the third quarter valued at about $30,000. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares during the last quarter. 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.