Credo Technology Group (NASDAQ:CRDO) Trading 9.3% Higher – Still a Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) were up 9.3% during mid-day trading on Tuesday . The company traded as high as $42.26 and last traded at $43.13. Approximately 2,367,677 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 3,101,167 shares. The stock had previously closed at $39.45.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Craig Hallum raised their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Finally, Bank of America decreased their price objective on 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. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Trading Down 5.4 %

The company has a market capitalization of $7.52 billion, a P/E ratio of -299.67 and a beta of 2.16. The firm’s 50 day moving average price is $67.22 and its two-hundred day moving average price is $52.48.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was 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 directly owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. This represents a 3.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 in the last three months. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. boosted its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares in the last quarter. Quarry LP acquired a new position in shares of Credo Technology Group during the 4th quarter valued at $58,000. Finally, Plato Investment Management Ltd bought a new position in Credo Technology Group in the fourth quarter worth approximately $61,000. 80.46% of the stock is owned by institutional investors.

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.